Beijing's envoy on Sunday informed PTI that China is looking forward to investing $1 billion in development projects being executed in Pakistan. monetary investment comes as both countries furr strengn ir bond and seek to boost bilateral ties. China’s Ambassor to Pakistan Yao Jing in a conversation with a delegation at Women’s Chamber of Commerce and Industry (IWCCI) revealed that progress of development projects under China-Pakistan corridor (CPEC) is smooth and satisfactory.  

Significance of investment 

China-Pakistan Corridor is a route which will connect Gwar Port in Balochistan with China's Xinjiang province. project is an important flagship project and contribution to Chinese President Xi Jinping’s aspiring Belt and Ro Initiative (BRI). envoy also said that Beijing planned to invest $1 billion in projects being undertaken in Islamab. According to Yao 90 percent of Pakistani exports which includes seafood and agricultural products will attract a zero percent duty once second phase of China-Pakistan Free Tre (CPFTA)  gets finalized in October.

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Zero percent duty for Pakistan

Yao said that second phase of China-Pakistan Free Tre Agreement (CPFTA) will be finalized in October after which 90 percent of Pakistani exports, including agricultural products and seafood, will attract a zero percent duty. He stated that "Market access will increase Pakistan's exports by $500 million, which will reduce disparity between bilateral tre”. China and Pakistan have always supported one ar and have bonded over strategic cooperation partner. y have also backed each or on issues which dress each or’s core interests. 

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China-Pakistan Ecomic Corridor (CPEC)

China-Pakistan Ecomic Corridor (CPEC) is an immense project which is being me with an objective to extend from western Chinese city of Kashgar to Pakistan's port of Gwar, which is situated close to Iran and Persian Gulf shipping regions. This project is a teworthy project of Beijing's more extensive Belt and Ro Initiative. Post 2015 Xi Jinping visit to Pakistan, on April 20, 2015, initiation of China-Pakistan Ecomic Corridor (CPEC) was executed. expense of this project is roughly $62 billion. According to reports, Wang said that out of 22 collaboration extends in Pakistan, nine activities have been finished up until w.

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(With inputs from PTI)