Second phase of CPEC launched with new agricultural and industrial agreements
The second phase of the China-Pakistan Economic Corridor (CPEC) has officially begun, marked by the signing of several new agreements aimed at boosting agriculture and industry in Pakistan.
A key agreement worth $400 million was signed between Pakistan’s International Innovation Park Limited and China National Cereals, Oils, and Foodstuffs in Beijing.
This deal is expected to facilitate duty-free access for numerous Pakistani products in global markets, enhancing the country’s agricultural exports.
Additionally, a Memorandum of Understanding (MoU) was established to promote digital transformation and optimize supply chains in 200 textile factories, a vital sector for Pakistan’s economy.
These agreements signify a critical advancement in the economic collaboration between Pakistan and China, as both nations aim to foster growth and development through the CPEC initiative.