High-quality B&R cooperation: Pakistan, China agree to deepen Beijing’s steps

ISLAMABAD: Pakistan and China have agreed to deepen and substantiate Beijing’s eight major steps to support high-quality Belt and Road cooperation, and forge an “upgraded version” of the China-Pakistan Economic Corridor (CPEC) by jointly building a growth corridor, as the two sides reaffirmed to upgrade strategic cooperation to break new ground and set new goals in their “All-weather” Strategic Cooperative Partnership.

This was agreed in the Fifth Round of the China-Pakistan Foreign Ministers’ Strategic Dialogue co-chaired by foreign ministers of the two countries in Beijing on May 15, 2024.

According to a joint statement issued simultaneously in Islamabad and Beijing on Thursday, Deputy Prime Minister and Foreign Minister Ishaq Dar visited China from May 13 to May 16, 2024, at the invitation of a member of the Political Bureau of the Central Committee of the Communist Party of China and Foreign Minister Wang Yi.

China ready to work on ‘upgraded’ economic corridor with Pakistan, minister says

During the dialogue, the two sides exchanged views on the entire range of bilateral relations and cooperation, including in strategic, economic, political, defence and security, trade, investment and commerce, and cultural and people-to-people domains. International and regional issues of shared interest were also discussed and the two sides reached consensus to collectively take measures to safeguard their common interest, promote the socio-economic development of peoples of the two countries, and work together to promote peace, development and prosperity of the region.

“The two sides will work together to deepen and substantiate China’s eight major steps to support high-quality Belt and Road cooperation, and forge an “upgraded version” of the China-Pakistan Economic Corridor (CPEC) by jointly building a growth corridor, a livelihood-enhancing corridor, an innovation corridor, a green corridor and an open corridor, by aligning them with Pakistan’s development framework and priorities,” according to the joint statement.

It was also agreed to accelerate progress on major connectivity projects including upgradation of ML-1, the Gwadar Port, realignment of Karakoram Highway Phase II, strengthen cooperation in agriculture, industrial parks, mining, information technology and other fields according to local conditions, and enhance Pakistan’s capacity for sustainable development.

“The two sides believe that the Khunjerab Pass plays an important role in promoting bilateral trade and people-to-people exchanges, and agreed to speed up efforts to make sure that the Khunjerab Pass can function all year round,” it added.

The two sides discussed ongoing energy cooperation and agreed to further enhance it. It was agreed to further strengthen financial and banking cooperation, including through support to each other at regional and international forums. “The Pakistani side appreciated China for providing support for its fiscal and financial sectors and assistance in the face of floods and other natural disasters,” it added.

Both sides also expressed satisfaction at their expanding space cooperation and agreed to further build on it for a peaceful and mutually beneficial exploration of space.

Copyright Business Recorder, 2024