Significance of CPEC in East Asia Countries & Its Impact on Pakistan Economy

Abstract

In this research we deeply analyze the impact of CPEC in East Asian countries & effects on Pakistan Economy. In the meanwhile CPEC playing a vital role in the economy of Pakistan & it have very outstanding result in global perspective & especially East Asian countries. Formation of regional and global strategic movements around the world in present century has led to geo- strategic and geo-economical partnerships between countries. China Pakistan Economic Corridor (CPEC) is one of the best examples of such partnerships. Time period launching the CPEC project consist of from 2014 to 2030.There are three phases for implementation of the projects under CPEC. The short-term, midterm- term and long-term projects are estimated to be completed by 2017,2025 and 2030 respectively. Developing new transport infrastructure, Gwadar Port Projects and several energy generating projects, are one of the main projects of CPEC, “All Weather Strategic Friendship” is therefore proved for Pakistan and China. China’s pilot project of “Belt and Road Initiative” is the key plan, which led to the development of CPEC. That will expected from CPEC minimizes the transportation cost of China by providing a shorter route for China’s trade to Persian Gulf and it will provide a solution to the energy shortfalls in Pakistan. Moreover, CPEC’s projected prospects of economic advancement, there are some economic, security and political threats in Pakistan. Hence, this paper provides a complete picture of previous researches on the planned subject and is not involving any data analysis as existing researches had used for analyzing a review of prospects and challenges.