Islamabad: China and Pakistan have jointly decided to accelerate the second phase of the China-Pakistan Economic Corridor (CPEC), marking a decade of progress since the project’s inception in 2013, according to news published in the leading newspaper on August 1.
In a ceremony held to commemorate the 10th anniversary of CPEC, six new Memorandum of Understanding (MoU) were signed for joint cooperation. During the ceremony at the Prime Minister House, officials from both countries signed an agreement on the Joint Cooperation Committee on CPEC, an MoU on establishing an export exchange mechanism within the framework of CPEC, a protocol of phytosanitary requirements for the export of dry chillies from Pakistan to China, and a document on the final report of the feasibility study of the Karakoram Highway Phase-II realignment. Additionally, an MoU on the industrial workers exchange program and minutes of the 21st conference of the ML-1 project’s technical committee were also signed.
In his remarks at the ceremony, Prime Minister Shehbaz Sharif highlighted the significant investments made under CPEC, amounting to over USD 25 billion in power, road, hydel, and public transport projects. He emphasized that the second phase of CPEC would involve B2B investment in agriculture and information technology, enabling Pakistan to export its products according to Chinese standards and requirements.
The two leaders expressed satisfaction with the steady development of CPEC projects during their meeting before the ceremony. They reaffirmed the project’s centrality to Pakistan’s socio-economic development and committed to working together to achieve the shared objectives of CPEC. Both leaders agreed that the 10th anniversary of CPEC marked a fresh starting point for further expansion and cooperation between the two nations.
With the second phase of CPEC underway, China and Pakistan are poised to enhance economic connectivity in the region and beyond, thereby further transforming Pakistan’s socio-economic and infrastructural landscape. The occasion called for increased Chinese investment, particularly in the Special Economic Zones (SEZs), to bolster bilateral economic cooperation.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
