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Pakistan, China ink framework agreement on industrial cooperation under CPEC

  • Published
    5th Feb, 2022

China and Pakistan 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.

Key-highlights of the Agreement

  • The industrial cooperation agreement is a key part of what is being called “phase two” of CPEC.
    • First Phase: 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”.

What is CPEC?

  • 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.
  • The Belt and Road Initiative, reminiscent of Silk Road, is a major infrastructure project that will travel from East Asia to Europe.
    • Launched in 2013, he program has two sides:
      • Silk Road Economic Belt
      • Maritime Silk Road 

China-Pak Relations:

  • Pakistan was one of the first countries to establish diplomatic relations with the People’s Republic of China (PRC), even when the U.S.-Pakistan relationship was strong.
  • They define their present friendship as “higher than the mountains, deeper than the oceans and sweeter than honey”.
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