CPEC- China-Pakistan Economic Corridor is an emblem of Pak-China friendship. The infrastructure projects are under construction in Pakistan since 2013. This is going to strengthen the economy of both the states. However, the question is China’s Belt and Road Initiative (BRI), the CPEC is a trump card for China or Pakistan? Let’s find the answer!
China Pakistan Economic Corridor (CPEC) – a brief introduction to the project
CPEC – A framework of a massive bilateral project would not only buttress the Pak-China relationship but also have an optimistic effect on the neighbouring countries. PM Nawaz Sharif, back in 2015 signed 51 agreements and memorandum with Chinese President Xi Jinping at an estimated value of $46 billion.
Back in November 2016, the first cargo was shipped to China from Gwadar airport. However, the government initiated the major power projects lately in 2017.
The intent of the project – this project will ameliorate the transportation of Pakistan. Further, it will connect the deep seaports of Pakistan (Gwadar & Karachi) to the Xinjiang province of China. Xinjiang borders eight countries hence, this will assist in the easy travelling of goods.
A specification of CPEC includes a building of an 1100 km long motorway between Lahore and Karachi. Whereas this will rehabilitate the Karakoram highway, the pathway between Pakistan’s city Rawalpindi and China.
CPEC, a trump card for China or Pakistan?
The bilateral ties are on the verge of strong political and financial liaisons. The major benefit for Pakistan is the provision of employment. From 2015 till 2030 CPEC is aimed to provide 2.3 million people with jobs. Whereas, it is supposed to add an annual 2-2.5% elevation in the country’s economic growth. Moreover, the private consortia will aid in the establishment of energy infrastructures worth $33 billion.
CPEC highly favours China’s geopolitical interests. Pakistan is the essence of highly valuable natural assets. So, it will have a great impact on China’s economic growth. Both Pakistan and China’s economic interests cope up with the project’s terms and conditions.
The biggest mileage of CPEC is that it is going to link nearly half of the global population. This is going to enable the strategic advantage to the international trade to the Asian economies. CPEC is the efficacious manifestation of geostrategic intentions into the geo-economic terms of the two sides.
China’s 80% oil is fetched from the Strait of Malacca to Shanghai. CPEC will reduce the usual 30 days time period to 2 days only! The reduction in distance will provide the shortest possible access to China for international trade. Gwadar port is primarily significant for the revival of Pakistan’s economy. This is because of the golden location. Moreover, this will reduce the load on Bin Qasim and Karachi port and boost up the trade market.
Conclusion
The socio-economic project has immense potential to enhance regional connectivity as it links many parts of countries together. China-Pakistan Economic Corridor will provide Asia with skilled human resources development too. The CPEC is not a simple highway project. In fact, it deals with the multiple socio-economic perspectives of both the states to make them prosperous. So the answer to the question “Is CPEC a trump card for Pakistan or China?” is “It is super beneficial for both countries.”
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