ISLAMABAD – The China-Pakistan Economic Corridor (CPEC) is a collection ofinfrastructure projects that are being completed in Pakistan, which is setto become a crucial leg of the broader Belt and Road Initiative.

China’s envoy to Pakistan Yao Jing has stated that Bejing plans to invest$1 billion in Pakistan’s development projects.

Speaking at the Islamabad Women’s Chamber of Commerce and Industry (IWCCI),the senior official said that the pace of projects under the China-PakistanEconomic Corridor (CPEC) was satisfactory, adding that a trade agreementbetween the two nations was to be finalised in October.

The deal stipulates that Pakistan would enjoy zero duties on 90 percent ofits exports, including agricultural products and seafood.

“Market access will increase Pakistan’s exports by $500 million, which willreduce the disparity between bilateral trade,” said Yao.

The envoy also noted that Chinese businesswomen would visit the fifthIslamabad Expo scheduled to explore the market, whilePakistani businesswomen, in their turn, would visit China to explorebusiness opportunities.

The CPEC of China’s Belt and Road Initiative that was originally valuedat $46 billion, but as of 2017, it was estimated to have cost $62billion. Since the start of the corridor’s construction over five yearsago, the number of projects at the first stage has grown to reach 22.