The second phase of the China-Pakistan Economic Corridor (CPEC) has officially commenced with the signing of several new agreements between Pakistan and China, focusing primarily on agriculture and industry. These agreements aim to enhance the productivity and quality of the agricultural and industrial sectors in Pakistan.
In a significant development, Pakistan’s International Innovation Park Limited and China National Cereals, Oils, and Foodstuffs signed a substantial agreement worth $400 million in the agricultural sector during a ceremony held in Beijing. This agreement will allow many Pakistani products to gain duty-free access to the global market, providing a boost to the country’s agricultural exports.
Additionally, a Memorandum of Understanding (MoU) has been signed for digital transformation and supply chain optimization in 200 textile factories. This initiative is designed to enhance cooperation in the textile sector, which is a key component of Pakistan’s economy.
These agreements mark a pivotal step in strengthening the economic ties between Pakistan and China, as both countries work together to drive growth and development through the CPEC initiative.
