Pak, China ink 6 pacts to develop Gwadar

ISLAMABAD: Pakistan and China signed six agreements on Monday for the development of Gwadar port as Islamabad formally inaugurated an economic free zone in Balochistan province that will be a key part of a multi-billion dollar transit corridor.

Representatives from the two countries signed five agreements and a memorandum of understanding in the presence of Prime Minister Shahid Khaqan Abbasi after the inauguration of the first phase of Gwadar Free Zone, staterun Radio Pakistan reported.

Two agreements declared Pakistan’s Gwadar and China’s Tianjin as sister ports, and Gwadar and Piung as sister cities.

Another agreement was for cooperation between Pakistan State Oil, Gwadar International Terminals Limited and Gwadar port.

The Securities and Exchange Commission of Pakistan and China’s Free Trade Zone Company and Gwadar port and HATA Trade City inked two agreements on cooperation.

An MOU for a poverty alleviation initiative was signed by the Gwadar district government and China Overseas Ports Holding Company.

Abbasi also inaugurated the Gwadar Free Zone, with state media describing it as “another milestone” in efforts to transform the China-pakistan Economic Corridor into reality.

“CPEC is turning into a reality today which will change the fate of the region,” he said.

The corridor will connect Kashgar in northwestern China with Gwadar through a network of roads, railway lines and pipelines and a fibre-optic cable.

India has opposed the project pointing out that the corridor passes through Pakistan-occupied Kashmir.

AMERICANS CLEARED BILLS PRESENTED BY PAKISTANIS FOR INCREDULOUS EXPENSES SUCH AS AIR AND NAVAL OPERATIONS