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China and Pakistan have taken another step towards operationalising the controversial economic corridor project through Azad Kashmir (Azad Kashmir) by agreeing 20 deals worth as much as $ 1.6 billion on Wednesday.
The China Pakistan Economic Corridor (CPEC) plan, which envisages linking up China's western Xinjiang region with expanded highways, railway lines and pipelines through Azad Kashmir to the Gwadar Arabian Sea port in Pakistan, was officially flagged off when President Xi Jinping visited Islamabad in April this year. On Wednesday, 20 cooperation agreements worth 10.35 billion Yuan (around US$ 1.6 billion) were signed following discussions in the city of Karamay in Xinjiang. More than 300 officials and experts from the two countries had gathered for a forum on taking forward the plan, according to the official Xinhua news agency.
While not specifying the agreed upon projects, a "manifesto" released on Wednesday said both countries had "pledged to boost bilateral economic development through energy and power projects", Xinhua reported.
Pakistani media reports at the time of Xi's visit said both sides had planned infrastructure projects worth $ 46 billion under the framework of the CPEC. Chinese officials have, however, said there was no concrete pledged figure, and projects would be taken forward on a case-by-case basis also taking into account the interest of Chinese companies and feasibility of projects that are still being studied.
India has raised objections to the plan as the corridor passes through Azad Kashmir. Chinese officials have, however, said the projects were "without prejudice" to the Kashmir dispute and were commercial ventures aimed at stabilising Pakistan.
China has framed the CPEC as one of six key economic corridors that are part of Xi's landmark "Silk Road" economic belt initiative.
While China has been campaigning for countries in the region to sign on to the initiative - Pakistan, Nepal and Sri Lanka are among at least 60 countries that have done so - India has said it saw no need to officially endorse what is a domestic national initiative of China. Indian officials have also suggested that the inclusion of the Azad Kashmir corridor as a flagship project of the Silk Road plan had made it untenable for India to sign on to the venture.
New Delhi has, at the same time, signed on to the China-backed Asian Infrastructure Investment Bank, which will fund at least some Silk Road projects, as the second-largest shareholder after China, committing $ 8 billion.
China, Pakistan sign $ 1.6 billion worth of deals for Azad Kashmir corridor : World, News - India Today
