Alwaght- Pakistan is considering a proposal to replace the US dollar with the Chinese yuan for bilateral trade between Pakistan and China.
According to a report published by the English-language daily newspaper Dawn on Tuesday, Interior Minister Ahsan Iqbal, who has been central to the planning and implementation of China-Pakistan economic ties, was reported discussing the proposal after unveiling a long-term economic development cooperation plan for the two countries.
Bilateral trade between the countries totaled $13.8 billion in 2015 to 2016.
The long-term plan highlighted key cooperation areas between the neighboring states including road and rail connections, information network infrastructure, energy, trade and industrial parks, agriculture, poverty alleviation and tourism.
The plan marks the first time the two countries have said how long they plan to work together on the project, known as the China Pakistan Economic Corridor (CPEC), taking the economic partnership to at least 2030.
China has already committed to investing $57 billion in Pakistan to finance CPEC as part of Beijing's "Belt and Road" initiative to build a new Silk Road of land and maritime trade routes across more than 60 countries in Asia, Europe and Africa.
As long predicted, the dollar’s dominance on the world’s economic stage is wavering and likely to completely collapse soon given the gradual dumping of the dollar by Russia, Iran, China and Venezuela with more countries expected to follow.