Pakistan and China on Thursday agreed to a multi-billion dollar deal that would see Beijing provide eight submarines to the Pakistan Navy, in an agreement that analysts are calling the largest-ever defence deal China has agreed to with any country.
Despite the magnitude of the deal, government officials did not provide any details, even declining to confirm the size of the transaction. However, the composition of the Chinese delegation with which the agreement was reached suggests that the arrangements have been struck for purchase of eight submarines.
“Pakistan and China have reached an understanding on matters of defence cooperation relating to Pakistan Navy,” announced the finance ministry after a meeting with Chinese authorities. “Financial arrangements to this effect were also concluded.”
Sources in the finance ministry said that Pakistan would make down payments to China in four installments and the delivery of the submarines will be made in the coming years.
The financial arrangements were agreed during a meeting between Finance Minister Ishaq Dar and Xu Ziqin, President of the Chinese state-owned China Shipbuilding & Offshore International Company Limited (CSOC).
Finance Secretary Waqar Masood and Economic Affairs Secretary Saleem Sethi assisted Dar. Chinese Ambassador Sun Weidong also participated in the negotiations.
Sources in the finance ministry said that the agreement is still subject to final review form higher authorities in Beijing, following which a formal agreement will be signed. The press release issued by the ministry after the event was vague. According to the release, Dar said that the visit by the CSOC delegation to Pakistan would enhance and further strengthen their bilateral economic and defence cooperation.
The release quoted Xu thanking Dar for his contribution in concluding the arrangements, saying it was reflective of the deep rooted China-Pakistan friendship.
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