CPEC enters its second phase; additional MoUs are signed

CPEC enters its second phase; additional MoUs are signed

China and Pakistan have decided to accelerate the second phase of the China-Pakistan Economic Corridor (CPEC), commemorating a decade of progress since the project’s inception in 2013. The announcement was made in Islamabad on August 1, according to the leading newspaper.

Read more with EL news: He Lifeng arrives in Islamabad to mark a decade of CPEC

In a ceremony commemorating the 10th anniversary of CPEC, six new Memoranda of Understanding (MoU) for joint cooperation were signed. During the ceremony held 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 Karakoram Highway Phase-II realignment feasibility study. In addition, an MOU on the industrial employees exchange programme and the minutes of the 21st conference of the technical committee for the ML-1 project were signed.

In his remarks at the ceremony, Prime Minister Shehbaz Sharif highlighted the over USD 25 billion invested in power, road, hydropower, and public transport initiatives under CPEC. He emphasised that the second phase of CPEC would include B2B investments in agriculture and information technology, allowing Pakistan to export its goods in accordance with Chinese requirements.

During their meeting prior to the ceremony, the two leaders expressed satisfaction with the CPEC projects’ consistent progress. They reaffirmed the importance of the project to Pakistan’s socioeconomic development and pledged to work together to achieve the CPEC’s shared goals. Both leaders agreed that the tenth anniversary of CPEC signified a new beginning for bilateral expansion and cooperation.

China and Pakistan are poised to enhance economic connectivity in the region and beyond, thereby further transforming Pakistan’s socioeconomic and infrastructure landscape, now that the second phase of CPEC is ongoing. To strengthen bilateral economic cooperation, the event called for increased Chinese investment, particularly in Special Economic Zones (SEZs).

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