LOC09:06
06:06 GMT
ISLAMABAD, Feb 9 (KUNA) -- Strong regional ties have always been the forerunners of economic success. Be it the European Union (EU) or the Middle East, a stronger economic cooperation means better future for all.
The success model has been the central point of China's relation with Pakistan with years of cooperation have culminated into the success story called China-Pakistan Economic Corridor (CPEC), which has become the buzzword on international scenario.
The CPEC is the under construction trade gateway for China to the deep sea of Pakistan and beyond. Solid economic foundation has been termed as corporate strategic partnership carrying the potential to change the lives of almost billions of people around the globe.
Designed to promote regional development initiatives between China and Pakistan, the CPEC has promised results in the transportation, energy and marine sectors.
The 3,000 kilometers CPEC running from Gwadar port in Southwestern Pakistan to China's Northwestern city Kashghar is no ordinary trade route. The USD 45.6 billion project includes USD 33.79 billion for energy projects, USD 5.9 billion for roads, USD 3.69 billion for railway network, USD 1.6 billion for Lahore Mass Transit, USD 66 million for Gwadar Port and a fiber optic project worth USD four million. It not only identifies the trade needs of both China and Pakistan but also make use of Pakistan's extra ordinary geographical position.
China imports the largest quantity of its oil needs from Saudi Arabia and the current 12,000 kilometers trade route for Middle East is an unwanted journey that would be sharply reduced by the completion of CPEC. Increased cooperation between the Middle East and China could make this transit zone the hub of trade and commerce. Tie up China's leading global economy to this equation and you have a regional stability that could prove vital for progress in Asia as well as the Middle East. With Pakistan being the transit region, the fruit of progress would not fall far from its emerging economy.
Project Director of CPEC, Dr. Zahir Shah told KUNA, "Prime Minister of Pakistan, Muhammad Nawaz Sharif recently inaugurated the Gwadar-Hoshab (M-8) road and reviewed the work being carried out on the CPEC." He said that the construction of the trade route and energy projects would lead to a regional integration, adding that despite of different hurdles, the project would be completed in time.
A controversy struck the project when northern Khyber Pakhtunkhwa (KP) and southwestern Balochistan provinces expressed their concerns over the routes of CPEC, priority route, structure and deadline of completion of Western Route, facilities along with both the routes and the methodology to be adopted for construction of economic zones.
A national consensus under the principle of "One Corridor, Multiple Passages" was achieved after a meeting of the parliamentary leaders chaired by Prime Minister of Pakistan, Muhammad Nawaz Sharif that left no room for inciting provincialism.
Western alignment of the corridor passing from Balochistan and KP would be completed on priority, with a deadline of July 2018.
Federal Minister for Planning, Development and Reforms Ahsan Iqbal, aiming to take Pakistan into top 25 economies of the world by 2025 said that Pakistan's profile improved enormously in terms of investment destination because of CPEC.
With Gwadar port acting as a safe and secure oil storage and transit facility, the future of trade between Middle East and China is a shining light at the end of the tunnel. The journey of regional success begins at CPEC, a true game changer in global economics. (end)
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