China-Pakistan Economic Corridor (CPEC)

 China-Pakistan Economic Corridor (CPEC)

 

massive bilateral project to improve infrastructure within Pakistan for better trade with China and to further integrate the countries of the region. The project was launched on April 20, 2015 when Chinese President Xi Jinping and Pakistani Prime Minister Nawaz Sharif signed 51 agreements and Memorandums of Understanding valued at $46 billion. The goal of CPEC is both to transform Pakistan’s economy—by modernizing its road, rail, air, and energy transportation systems—and to connect the deep-sea Pakistani ports of Gwadar and Karachi to China’s Xinjiang province and beyond by overland routes. (Xinjiang borders the countries of Mongolia, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Afghanistan, Pakistan, and India, and the ancient Silk Road ran through its territory.) This would reduce the time and cost of transporting goods and energy such as natural gas to China by circumventing the Straits of Malacca and the South China Sea. The announcement of joint space and satellite initiatives between Pakistan and China, spurred by CPEC, followed in 2016. CPEC is part of the larger Belt and Road Initiative—to improve connectivity, trade, communication, and cooperation between the countries of Eurasia—announced by China in 2013. CPEC has been compared to the Marshall Plan for the rebuilding of post-World War II Europe in its potential impact on the region, and numerous countries have shown interest in participating in the initiative



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