China, Pakistan ink new CPEC agreement

China and Pakistan recently signed a new agreement on industrial cooperation as part of the China Pakistan Economic Corridor (CPEC) plan during Prime Minister Imran Khan’s on-going visit to Beijing.  

The agreement followed Mr. Khan’s meeting with He Lifeng, Chairman of China’s National Development and Reform Commission (NDRC).

Key Highlights

• The industrial cooperation agreement is a key part of what is being called “phase two” of CPEC. The first phase primarily involved Chinese investments in energy projects as well as road infrastructure.  
• The agreement between Pakistan’s Board of Investment and the NDRC is aimed at boosting Chinese investment in Pakistan as well as transferring Chinese industrial capacity.
• The framework will “promote industrialisation and development of economic zones, and initiate, plan, execute, and monitor projects, both in public as well as private sector”, the Associated Press of Pakistan quoted the agreement as saying.
• Mr. Khan described CPEC as a project of “strategic significance for both countries” and called for both sides to “expedite” measures to develop the Arabian Sea port of Gwadar.
• China has described CPEC as a “flagship project” of the Belt and Road Initiative. The corridor links Xinjiang with Gwadar, and also passes through Pakistan-occupied Kashmir (PoK) where China is investing in a number of projects.

SOURCE: The Hindu

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