Chinese Charge d’ Affairs Ms. Pang Chunxue called on Army Chief General Qamar Javed Bajwa in Rawalpindi on Wednesday.
During the meeting, matters of mutual interest, defence collaboration, progress on CPEC and regional security were discussed in detail.
Read more: Pakistan, China ink framework agreement on industrial cooperation under CPEC
Speaking on the occasion, Gen Bajwa said Pakistan values China’s role in global and regional affairs and we look forward to enhance our bilateral relationship. He reiterated that all regional countries need to work collectively for enduring peace and stability.
The visiting dignitary thanked the Army Chief for special measures taken for provision of safe and secure environment to CPEC projects in Pakistan and efforts towards regional stability.
On 4th February, 2022, Pakistan and China inked the Framework Agreement on Industrial Cooperation under China Pakistan Economic Corridor (CPEC).
The prime minister reached Beijing on Thursday to attend the opening ceremony of the Winter Olympics and meet the Chinese leadership.
State Minister and Chairman Board of Investment (BOI) Muhammad Azfar Ahsan and Chairman National Development and Reform Commission (NRDC) He Lifeng signed the accord.
The objective of the Joint Working Group (JWG) on Industrial Cooperation is to attract Foreign Direct Investment (FDI), promote industrialization and development of economic zones, and initiate, plan, execute, and monitor projects, both in public as well as the private sector.
The engagement with China under JWG is envisaged to increase labour productivity in Pakistan, enhance industrial competitiveness, increase exports, and sustain diversification in the exports basket.
During the 8th Joint Cooperation Committee (JCC) meeting of CPEC held in 2018, both sides had signed a Memorandum of Understanding that formed the basis for future engagements between the parties under the ambit of Industrial Cooperation.
Read more: ‘CPEC part of broader, deeper Pak-China ties’
As CPEC entered its second phase which primarily revolves around Special Economic Zones (SEZs) development and industrialization, the need for a comprehensive Framework Agreement became imperative.
Similar agreements have also been signed for Early Harvest CPEC Projects on energy and infrastructure.
With the continuous efforts of BOI, both sides reached the consensus to elevate the existing MoU into a Framework Agreement in 2020.
After extensive stakeholder consultations and with the approval of the Prime Minister, BOI shared the Draft Framework with NDRC in November 2020, which has been formulated keeping in consideration the needs of CPEC Phase II.
