LAHORE – In terms of geo-economic growth, regional connectivity anddevelopment, China-Pakistan Economic Corridor (CPEC) has emergedextensively as the largest bilateral investment project as a boon forPakistan, China and other regional countries in south Asia.
Pakistan and China are tied in multidimensional cordial relations on thebasis of good friendship, mutual trust and understanding.
Though both countries, from time to time have been making policyadjustments in the light and need of global transformations, yet theirmutual ties are continued to be in best coordination and harmony. World haswitnessed that Pakistan and China are time tested friends and depend oneach other deeply for the fulfillment of their strategic interests.
In Past, whenever Pakistan confronted any internal or external pressure orthreat to its interests or security, China has immediately extended itsfull support to Pakistan by giving its air space, supporting its nuclearprogramme and protecting its economy from external threats or pressures.
China has significantly supported Pakistan on various international frontslike the United Nations Security Council (UNSC), the G-20 and the NuclearSuppliers Group (NSG).The year 2015 is marked as the big boost in bothcountries’ relations reaching at climax as the initiative of China PakistanEconomic Corridor (CPEC) agreement worth $ 46 billion was announced.
The first phase of CPEC has successfully achieved its target on completingenergy and road infrastructure development in Pakistan, while the secondphase is to envision industrial cooperation, which has started bearingfruits and would further yield beneficial gains for the development of theeconomy of Pakistan.
CPEC project has brought forth many resources and opportunities for boththe countries and has promoted their profits and interests respectively,but the mega project is viewed negatively by our neighbouring India and US,who are trying to sabotage it for promoting their agenda in SouthAsia. China, an emerging global super power, has the great potential andwillingness to promote and support Pakistan, more than any other country orpower in the world.
In the ongoing second phase of CPEC, according to the Pak-China Free TradeAgreement’s (FTA) segment-II, China would help open-up to 90 percent ofits markets for Pakistani products and exports in a cooperation and effortto address trade imbalance between the two countries. On December 1, 2019,the Protocol to Amend the Free Trade Agreement between China and Pakistanentered into new shape and force, to make substantial revisions to theChina-Pakistan Free Trade Agreement (CPFTA) which was first signed inNovember 2006.
According to the Amended Protocol document which is also known as CPFTAPhase-II, it would help deepen trade ties between Pakistan and Chinathrough increasing relaxation and liberalization of trade in goods,protecting and safeguarding mechanisms for domestic industry of Pakistan.
CPEC Project Director Dr. Liaqat Ali Shah told APP that the incumbentgovernment of PTI was achieving immediate results from CPEC at a fast pace,adding that despite challenges on economic front and COVID-19 pandemic,immense unemployed youth were being provided internship opportunities,whereas the skilled professionals were already doing jobs under thisproject.
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To a query Shah said that the work on the second phase of China-PakistanEconomic Corridor (CPEC) Phase-II was going on a fast pace, addingdefeating the debunkers who had been trying to malign the incumbentauthority on account of slow-down in CPEC activities; It was a greatachievement, he added.
Giving the details of the projects under Phase two, he said that thegroundbreaking of two mega hydel power projects worth $11 billion,materialising special economic zones, talks with the Chinese side onfinancial matters of $7.2 billion ML-1 railway project, speedy constructionand development of the Gwadar port city, and expanding the scope of CPEC byincluding science, agro-technology and tourism sectors show the outcomethat work on the game-changer project was in full swing.
The CPEC under its second phase was moving forward in a result orienteddirection without any delay. The incumbent government was working swiftlyaccording to the CPEC Authority Bill-2020 to facilitate the local andforeign investors, while ensuring smooth execution of industrial projectsbeing carried out under phase two, he informed. Federation of PakistanChamber of Commerce and Industries (FPCCI) president Mian Nasser HyattMagoo told APP that in the second phase of CPEC, setting up of SpecialEconomic Zones (SEZs) and developing the industrial sectors would bringindustrial revolution in the country.
He lauded the incumbent Pakistan Tehreek-e-Insaf government for setting upmega industrial projects under the 2nd phase of CPEC. After becoming fullyoperational, the Gwadar port would become a harbinger of massiveexport-import activity and a new industry gateway to both the Central Asianand Persian Gulf countries, he added.
Magoo, while replying to a query said that the energy and goodstransportation would engage the economic partnership of around 64 countriesof Europe, Asia and the Middle East. CPEC was a tower of economic successand a hope of the people of the whole region, having the scope of anadvanced future to strengthen a digital economy based upon peace andprosperity, he said.
Under phase two of the CPEC, the newly established Rashakai SpecialEconomic Zone (SEZ), has started creating employment opportunities for thelocal youth of Khyber Pakhtunkhwa (KPK), which would further helpcontribute to the socio-economic development of all the provinces of thecountry, he asserted.
For example, he said, any item produced at Rashakai SEZ, which was beingdeveloped in a public-private partnership, would easily be exported to theneighbouring Afghanistan and Central Asian Republics (CARs), due to itsproximity to Torkham (Pak-Afghan) Border.
