Islamabad: Prime Minister Shehbaz Sharif claimed that the new agreements Pakistan and China signed on Monday would advance their vast joint economic project to a new stage.
He Lifeng, the vice premier of China, is in Islamabad for a three-day visit to commemorate the tenth anniversary of the multibillion-dollar China-Pakistan Economic Corridor. He and Sharif both attended the signing ceremony.
The 2013-launched CPEC is a key component of Beijing's Belt and Road Initiative, which has seen tens of billions of dollars invested in connectivity and infrastructure projects to create a significant trade route between the Gwadar Port in southwest Pakistan and China's Xinjiang region.
Also Read: Niger Junta Flexes Power: Senior Politicians Detained in Post-Coup Crackdown
A second phase of CPEC will be launched under a new model as a result of the important documents we signed today, according to Sharif, who spoke following the signing ceremony.
"It will involve business-to-business transactions, investments in agriculture, and information technology, to enable Pakistan to export its goods in accordance with Chinese government requirements and standards with the help of Chinese cooperation and support."
A protocol on the export of dried chiles from Pakistan to China and the establishment of a mechanism for the exchange of experts under the CPEC framework were among the six agreements that Pakistani and Chinese officials signed on Monday.
The Karachi-Peshawar Railway Line, also known as Main Line-1 or ML-1, a railway upgrade project that is also a part of CPEC, was one of the memoranda of understanding that the two parties also signed.
Also Read: Libyan Trafficking Warehouse Raid: Nearly 400 Pakistani Migrants Rescued in Daring Operation
According to Sharif, more than $25 billion has been invested in Pakistan's transportation, infrastructure, and energy sectors.
The prime minister continued, "Pakistan is fully prepared to contribute to President Xi Jinping's vision of a shared destiny of progress and prosperity.
I am confident that by working together and making sacrifices, we will successfully complete these and other projects in the future and help Pakistan stand on its own.
While security is on high alert for He's visit, banners commemorating the CPEC anniversary and flags of both nations have been seen all over Pakistan's capital city. In order to keep people off the streets, a two-day public holiday was decreed.
Also Read: From Summit to Serenity: Record-Setting Mountaineer Kristin Harila Embraces Life's New Heights
President Arif Alvi presented the distinguished Hilal-e-Pakistan award to the Chinese vice premier during a televised ceremony in appreciation of his contributions to the economic corridor project.