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Date: 19/10/2022
BELT AND ROAD INITIATIVE AND CHINA PAKISTAN Founded in 2013, it is a multibillion dollar
ECONOMIC CORRIDOR
effort. With a network of land and water
News routes, it seeks to connect Southeast Asia,
Central Asia, the Gulf area, Africa, and
Pakistan signed a new agreement with China Europe.
to begin the second phase of the USD 60
billion China-Pakistan Economic Corridor It has been established to carry out
(CPEC). Pakistan and China decided to significant global infrastructure projects,
welcome any third country joining the multi- which will subsequently increase China's
billion dollar China- Pakistan Economic influence abroad.
Corridor (CPEC).
About CPEC Authority
China gave nod to Pakistan's decision to
A 2019 ordinance formed the China-Pakistan
scrap the China-Pakistan Economic Corridor
Economic Corridor (CPEC) Authority.
(CPEC) Authority amid reportsof growing
rift between the all-weather friends over the Its objectives included quickening the
slow pace of the USD 60 billion project. speed of CPEC-related initiatives,
identifying fresh sources of growth, and
About CPEC
releasing the potential of global value
CPEC is a 3,000 km network of chains and interconnected production
infrastructure projects linking the networks through regional and
Gwadar Port in Pakistan's western region international connections.
of Balochistan with the Xinjiang Uygur
Reasons for Suspension:
Autonomous Region in northwest China.
It is a bilateral initiative between Local protests against the Pakistan Army
Pakistan and China that aims to improve over land issues have been on the rise in
connectivity throughout Pakistan by Gilgit Baltistan, which is occupied by
building a network of roads, railroads, Pakistan.
and pipelines along with other The army's "land grabbing" rampage in
infrastructure development initiatives in the name of CPEC has incensed the local
the energy, industrial, and other sectors. populace.
China will be able to access the Indian The Baloch Liberation Army (BLA),
Ocean through Gwadar Port, opening up which opposed Chinese investments in
access to the Middle East and Africa. In Balochistan, carried out a suicide attack
exchange, China will finance Pakistani in Karachi University in April 2022 that
development projects to help Pakistan resulted in the deaths of three Chinese.
overcome its energy crisis and stabilise
its ailing economy. Chinese String of Pearls:
1
About One Belt One Road (OBOR) With the "String of Pearls" ambition—a
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Location: