Pakistan, China Sign Documents on CPEC’s Phase-II

Pakistan and China on Monday signed six documents that Prime Minister Shehbaz Sharif said would further enhance bilateral cooperation and help undertake the second phase of the China-Pakistan Economic Corridor (CPEC) under a new model.

Held at the PM House, the signing ceremony was witnessed by Prime Minister Shehbaz and Chinese Vice-Premier He Lifeng, Both countries signed a document on the joint cooperation committee on CPEC, MoU on establishing an export exchange mechanism within the framework of CPEC, a protocol of phytosanitary requirements for the export of dry chilies from Pakistan to China and a document on the final report on the feasibility study of realignment of KKH Phase-II.

Both sides also signed through diplomatic channels an MoU on the industrial workers exchange program as well as minutes of the 21st conference of a technical committee to promote the strategic ML-1 project.

The prime minister, in his remarks at the signing ceremony, expressed pleasure over the signing of documents and thanked Chinese Vice-Premier He Lifeng for visiting Pakistan to celebrate 10 years of CPEC.

“Today we can claim that under CPEC above $25 billion investment took place in power, roads, hydel power, and public transport. Now we are entering the second phase. Today, we signed certain important documents which will further enhance cooperation and undertake the second phase of CPEC under a new model,” the PM said.

He said the second phase of CPEC would feature the B2B investment in agriculture and information technology to enable Pakistan to export its products according to Chinese standards and requirements.

Highlighting the importance of ML-1 and Karachi Circular Railway, the prime minister expressed the hope that both projects would be successfully executed to make Pakistan stand on its own feet through the hard work and untiring efforts of both countries.