From Abid Usman
LAHORE: In terms of geo-economic growth, regional connectivity and development, China-Pakistan Economic Corridor (CPEC) has emerged extensively as the largest bilateral investment project as a boon for Pakistan, China and other regional countries in south Asia.
Pakistan and China are tied in multidimensional cordial relations on the basis of good friendship, mutual trust and understanding.
Though both countries, from time to time have been making policy adjustments in the light and need of global transformations, yet their mutual ties are continued to be in best coordination and harmony. World has witnessed that Pakistan and China are time tested friends and depend on each other deeply for the fulfillment of their strategic interests.
In Past, whenever Pakistan confronted any internal or external pressure or threat to its interests or security, China has immediately extended its full support to Pakistan by giving its air space, supporting its nuclear programme and protecting its economy from external threats or pressures.
China has significantly supported Pakistan on various international fronts like the United Nations Security Council (UNSC), the G-20 and the Nuclear Suppliers Group (NSG).The year 2015 is marked as the big boost in both countries’ relations reaching at climax as the initiative of China Pakistan Economic Corridor (CPEC) agreement worth $ 46 billion was announced. The first phase of CPEC has successfully achieved its target on completing energy and road infrastructure development in Pakistan, while the second phase is to envision industrial cooperation, which has started bearing fruits and would further yield beneficial gains for the development of the economy of Pakistan.
CPEC project has brought forth many resources and opportunities for both the 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 South Asia. China, an emerging global super power, has the great potential and willingness to promote and support Pakistan, more than any other country or power in the world.
In the ongoing second phase of CPEC, according to the Pak-China Free Trade Agreement’s (FTA) segment-II, China would help open-up to 90 percent of its markets for Pakistani products and exports in a cooperation and effort to address trade imbalance between the two countries. On December 1, 2019, the Protocol to Amend the Free Trade Agreement between China and Pakistan entered into new shape and force, to make substantial revisions to the China-Pakistan Free Trade Agreement (CPFTA) which was first signed in November 2006.
According to the Amended Protocol document which is also known as CPFTA Phase-II, it would help deepen trade ties between Pakistan and China through increasing relaxation and liberalization of trade in goods, protecting and safeguarding mechanisms for domestic industry of Pakistan.
CPEC Project Director Dr. Liaqat Ali Shah said that the incumbent government 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 this project.
