China and Pakistan to Accelerate Economic Corridor and Develop Gwadar Port

Beijing: China and Pakistan announced on Tuesday that they had reached a 'broad new consensus' on strengthening their strategic relations to accelerate efforts to establish an economic corridor between the two countries and make Gwadar Port a regional connectivity hub. The agreement was reached during the visit of Pakistani Prime Minister Shehbaz Sharif to Beijing, where he met with Chinese President Xi Jinping and Prime Minister Li Qiang. According to Yemen News Agency, the two countries issued a joint statement at the conclusion of the visit, highlighting their commitment to welcome the participation of third parties in establishing the China-Pakistan Economic Corridor (CPEC) in line with the agreed model. Both nations expressed their intent to promote the development of CPEC, which serves as a flagship project under China's Belt and Road Initiative. The statement emphasized the development of Pakistan's Gwadar Port and the enhancement of road and port connectivity. Integral to these plans are the Khunjer ab Corridor and the development of the Karakoram Highway, which is the main land route between China and Pakistan. These developments aim to bolster regional connectivity and economic integration through improved infrastructure.