Pakistan signed new economic agreement with Germany

15:34, December 02, 2009      

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Pakistan signed a new economic agreement with Germany after its Prime Minister Yousuf Raza Gilani meeting German Chancellor Angela Merkel on Tuesday.

After the meeting, the two leaders promised to strengthen the cooperation between the two countries.

The new economic agreement will replace the old bilateral economic agreement signed in 1959, and will provide greater legal protections for German investment in Pakistan, such as access for international arbitration, improved compensation regulations and smooother capital transfer processes.

Gilani called on Germany to help widen the access for Pakistani goods to European Union market, when the agreement was signed. "To give our people the hope of a better tomorrow, greater trade is still strategic imperative." Gilani said.

Merkel said, as a member of EU, Germany will show a constructive attitude toward this issue and make some progress. She also said, "Germany will help Pakistan in its developmental projects, and there will be mutual investments between both countries."

Merkel promised that Germany will help Pakistan on education and energy, and transfer green technology there.

She also confirmed the importance of Pakistan in anti-terrorism, saying Pakistan has suffered very much under the terrorism, and Germany has to help it on maintaining stability both politically and economically.

Gilani was on his four-day visit to Germany. Before he met Merkel, he met German President Horst Koehler earlier Tuesday and German Foreign Minister Guido Westerwelle on Monday.

Source: Xinhua
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