China, Pakistan signed deals worth 1.6 billion US dollars to implement CPEC

Aug 13, 2015 18:10 IST

China and Pakistan on 12 August 2015 signed 20 agreements worth 1.6 billion US dollars to implement the ambitious China-Pakistan Economic Corridor (CPEC) project. These agreements were signed during the CPEC Forum that was held at Karamay city in Xinjiang province of China bordering.

Both the countries together also issued the Karamay Manifesto on the China-Pakistan Economic Corridor (CPEC), a major project under China's Belt and Road Initiative.

About China-Pakistan Economic Corridor (CPEC)

• CPEC project is brainchild of China and was launched by Chinese President Xi Jinping during his visit to Pakistan in April 2015. Around 51 agreements were signed of which 30 were linked to this strategic corridor.
• It is part of its ambitious six economic corridors conceived under Silk Road Economic Belt and 21st-Century Maritime Silk Road.
• It connects Xinjiang Province of China with Pakistan’s strategic Gwadar Port and passes through Pakistan occupied Kashmir.
• CPEC project seeks to boost economic cooperation, political trust and cultural exchanges between China and Pakistan. It is regarded as the biggest connectivity project between the two countries with total investments around 46 billion US dollars.

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