ISLAMABAD: Pakistan People's Party (PPP) Senator Saleem Mandviwalla on Tuesday called for implementation of Currency Swap Agreements (CSA) with China and Turkey to increase the bilateral trade, Investments and to strengthen its balance of payments.

Saleem Mandviwalla reminded former president Asif Ali Zardari initiated currency swap agreements with China and Turkey and during the previous regime of PPP which Pakistan had signed these agreements with both countries. CSA with China and Turkey are not benefitting the investors, traders and businessmen of both countries because these are not being implemented in true letter and spirit.

Mandviwalla lamented the Federal Government and said that traders of both countries are facing huge difficulties in using CSA; Government is not removing the hurdles being faced by the traders.

He explained that these currency swaps can be viewed as a credit line that both sides can draw upon at a pre-determined exchange rate and provide an opportunity to traders to trade and invest in each other countries. "There should be more credit lines and trade should be allowed only in local currencies". He added.

While underlining the importance of China-Pakistan Economic Corridor (CPEC) project, he explained that CPEC would provide a window for the implementation of CSA. Business community of both countries can use these agreements to invest in each other countries.

He is of the view that such CSA would encourage cross-border economic and trade partnerships, not only with China, but also with those markets positioned and will facilitate financing for Pakistan’s key infrastructure projects,

He further elaborated that Turkey has recently announced to have CSA with Russia and explained that China signed bilateral CSA with 28 countries for providing liquidity and facilitating trade.

He is also of the view that execution of CSA with China and Turkey can rectify the economic obscurity of Pakistan as bilateral trade between Pakistan and China is picking up through CPEC.