China and Pakistan on Monday agreed to set a target of raising bilateral trade to 20 billion U.S. dollars in three years.[Special coverage]
The agreement was announced in a joint statement issued during Chinese President Xi Jinping's state visit to Pakistan.
China has become Pakistan's largest trading partner. Official statistics show that two-way trade exceeded 16 billion U.S. dollars last year, marking an annual growth of 12.57 percent.
The two sides also agreed to adopt proper measures to alleviate their trade imbalance and facilitate the second phase of negotiation on a China-Pakistan free trade agreement, according to the statement.
In particular, the two countries stand ready to expand reciprocal opening up of their banking sectors, it added.
Pakistan, said the statement, welcomes the establishment of the Asian Infrastructure Investment Bank, a China-proposed multilateral institution which will finance infrastructure projects in Asia.
The two sides agreed to facilitate the preparation work for the establishment of the bank, in a bid to further promote infrastructure building and economic development of the region, it said.
