Chiness Ambassador Yao Jing announced that Beijing has agreed to provide 90% market access to Pakistani commodities under the revised Free Trade Agreement (FTA) while in return Islamabad would have to provide only 65% access of its market share to the Chinese side. Moreover,Prime Minister Imran Khan and his Chinese counterpart Li Keqiang have signed the ML-1 Railway agreement in Beijing. Prime Minister Imran Khan said that Pakistan and China are entering the next phase of China Pakistan Economic Corridor (CPEC), the main goal of which is to lift people out of poverty. About 70% work on the 870 MW Suki Kinari Hydropower Project (SKHPP) being executed under CPEC, has been completed.
Pakistan to access 90% of Chinese market
China’s Ambassador Yao Jing announced that Beijing has agreed to provide 90% market access to Pakistani commodities under the revised Free Trade Agreement (FTA) while in return Islamabad would have to provide only 65% access of its market share to the Chinese side. Both the countries are expected to sign the second FTA that took almost eight years to finalise. He said that three major initiatives are to be signed during the upcoming visit of Prime Minister Imran Khan in terms of broadening of relations between two sides, including industrial cooperation and launching of the first Special Economic Zone at Rashakai, kick-starting social sector cooperation with 20,000 scholarships for education and finalising technical level agreement on Railways’ ML-1.[i]
Pakistan, China sign ML-1 railways agreement
Prime Minister Imran Khan and his Chinese counterpart Li Keqiang have signed the ML-1 Railway agreement in Beijing. Railways Minister Sheikh Rashid Ahmed called it a great day in the history of Pakistan Railways. Mr. Rashid announced that under the project, a double track from Peshawar to Karachi will be laid, adding that the speed of trains on the new track will be 160 kilometres per hour. Prime Minister Imran Khan, along with his delegation, is in Beijing as part of his four-day tour to attend the second Belt and Road Forum on the invitation of the Chinese President.[ii]
Belt and Road Forum: Pakistan, China one on tackling corruption
Prime Minister Imran Khan said that Pakistan and China are entering the next phase of China Pakistan Economic Corridor (CPEC), which has the main goal of lifting people out of poverty. In his keynote address at the second Belt and Road Forum in Beijing, Imran Khan said the next phase of CPEC would focus on socio-economic uplift, poverty alleviation, agricultural cooperation and industrial development. The Prime Minister said thatjoint efforts were needed to tackle white-collar crime, mitigate the adverse impact of climate change, establish BRI tourism corridors to promote people-to-people and intercultural understanding, poverty alleviation fund and concerted efforts to further liberalise trade and investment. He said the BRI offers a model of collaboration, partnership, connectivity and shared prosperity, and called for joint efforts towards addressing obstacles on the way to sustainable growth.[iii]
70% Work On Suki Kinari Hydropower Project Completed
About 70% work on the 870 MW Suki Kinari Hydropower Project (SKHPP) being executed under CPEC, has been completed. It is the largest hydro independent power producer in Pakistan, which is expected to generate 3,081 GWh million units per year. The project is expected to increase power generation capacity by more than 5%. The Khyber Pakhtunkhwa government will earn approximately Rs1.5 billion per year in the form of royalty. KP province will receive additional 113MW electricity in its share after completion. Suki Kinari (SK), a run-of-the-river is the largest private sector hydropower project located on Kunhar River in the Kaghan Valley of District Mansehra, Khyber Pakhtunkhwa. The project poses minimal environmental and social impact because it is a run of the river project. It is considered as one of the most cost-effective hydropower schemes in the region due to its high design head of 900 meters and relatively short intake structure crest. [iv]
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[i] Pakistan to access 90% of Chinese market. (n.d.). The News. Retrieved from https://www.thenews.com.pk/print/461593-pakistan-to-access-90pc-of-chinese-market
[ii] Pakistan, China sign ML-1 railways agreement. (n.d.). Geo News. Retrieved April 29, 2019, from https://www.geo.tv/latest/235551-pakistan-china-sign-ml-1-railways-agreement
[iii] Belt and Road Forum: Pakistan, China one on tackling corruption. (n.d.). The News. Retrieved April 29, 2019, from https://www.thenews.com.pk/print/463359-belt-and-road-forum-pakistan-china-one-on-tackling-corruption
[iv] 70% Work On Suki Kinari Hydropower Project Completed. (n.d.). Urdu Point. Retrieved April 29, 2019, from https://www.urdupoint.com/en/pakistan/70-work-on-suki-kinari-hydropower-project-co-604158.htm