Pakistan and China have signed a Framework Agreement on Industrial Cooperation as part of the China Pakistan Economic Corridor’s (CPEC) bilateral substructure.
The agreement was signed today in a strategic meeting between Muhammad Azfar Ahsan, State Minister and Chairman of the Board of Investment (BOI), and He Lifeng, Chairman of the People’s Republic of China’s National Development and Reform Commission (NDRC).
PM Imran Khan, the Minister of Finance, Shaukat Tarin, the Minister of Foreign Affairs, Shah Mahmood Qureshi, the Advisor to the PM on Commerce, Abdul Razak Dawood, and the Minister of Planning, Asad Umar, all virtually attended the meeting.
The BOI and the NDRC signed a Framework Agreement on Industrial Cooperation, which was welcomed by both parties.
PM Imran Khan praised the NDRC’s efforts, as well as the work of concerned Pakistani and Chinese agencies, in easing the formalities for the bilateral agreement.
He emphasized that the CPEC, as the flagship project of the Belt and Road Initiative (BRI), is crucial for both Pakistan and China and has provided concrete benefits to both.
He also praised the CPEC’s early harvest projects, which transformed Pakistan’s economy and laid the groundwork for long-term prosperity.
PM Imran Khan praised both countries for their contributions to CPEC achievements and stated that both sides will continue to work together to help Gwadar realize its potential as a regional trade and industry hub.
The Minutes of the sixth Joint Working Group (JWG) meeting on Gwadar, which took place on December 30, 2021, were also signed by both sides.
The new framework agreement for industrial cooperation between Pakistan and China is seen as an important step toward facilitating the relocation of Pakistan’s industrial units to Special Economic Zones (SEZs) and attracting more investment for CPEC Phase II from a wide range of local and international entities.
To read our blog on “Zong 4G to offer unlimited calls to China under its CPEC initiative,” click here.
