CPEC offers valuable insights for regional cooperation

Cross-border economic cooperation that has seen concrete achievements in the China-Pakistan Economic Corridor, or CPEC, offers valuable insights for regional economic cooperation and shared prosperity in the whole region, according to speakers at a panel discussion at Boao Forum for Asia.

Khalil Hashmi, the Pakistan ambassador to China, said through building the CPEC fresh impetus has been added to the country in the field of infrastructure, transportation systems, economic growth, employment and even its regional connectivity.

As part of the Belt and Road Initiative, the CPEC is a straightforward framework for regional cooperation and connectivity in Asia, Hashmi stressed. In the last 11 years, over 50 projects in Pakistan have been born out of the CPEC, building a much smoother electricity transmission line that delivers more and stable power to Pakistan's cities. Nearly 2 million job opportunities have been created in Pakistan under the CPEC, he added.

Developing the Belt and Road Initiative of which the CPEC is an important part can truly empower developing countries, foster connectivity across Asia and help strengthen regional collaboration, finally injecting new vitality into the whole area, he stressed.

Munir Akram, permanent representative of Pakistan to the United Nations and the 76th president of the United Nations Economic and Social Council, said fruitful results and framework of CPEC can be extended to other parts of Asia, as CPEC has significantly upgraded Pakistan's infrastructure and accelerated bilateral trade.

For Asia to achieve regional integration, eliminating non-tariff barriers remains critical, Akram highlighted.

Nasir Hamid, additional secretary of the Ministry of Commerce of Pakistan, said Pakistan's regional cooperation objectives, or more broadly Asia's regional cooperation goals, align perfectly with the vision of the BFA — that countries want to build a more open global village with a shared future.

Enhancing connectivity

Collaboration between Asian countries is not only about expanding economic scales, but also about raising connectivity among nations while promoting greater openness and exchanges, Hamid explained to the audience.

It is crucial to boost the volume of free trade in Asia, Hamid said. CPEC, as a model of regional collaboration in Asia, has established a platform for free trade, expanding channels for open trade between China and Pakistan.

Regional cooperation projects at home, represented by CPEC, have offered Pakistan an opportunity to build more connections with countries in Central Asia and West Asia.

Both China and Pakistan are active participants and beneficiaries of the CPEC under the Belt and Road Initiative, said Wang Wen, dean of the Chongyang Institute for Financial Studies at Renmin University of China. Beyond economic and infrastructure collaboration, China can also expand exchanges with Pakistan in areas such as social governance and counterterrorism, fostering comprehensive improvements in governance capabilities for both sides, Wang stressed.

Observers see vast potential in Pakistan for growth opportunities, thanks to its robust labor force. More than half of its population of over 250 million are young people.

Running from Tuesday to Friday, this year's Boao conference is themed "Asia in the Changing World: Towards a Shared Future".

MIKE GU in Boao, Hainan

mikegu@chinadailyhk.com