Abstract
CPEC represents a new form of China-Pakistan alliance with the aptitude to broaden and further enhance the political and economic ties of both these countries through mutual trade and development. The total projects, (presently) worth US$ 70billion offer an all times biggest opportunity to Pakistan to tackle the main hitches to its economic development i.e. energy crisis, poor infrastructure, low foreign direct investment (FDI), limited industrial production, limited and old fashioned technology , unemployment and security issues etc. CPEC’s estimated socio-economic changes is going to bring harmony, contentment and stability in the country in general and particularly in the undeveloped and retrograded provinces like Baluchistan and somewhat khaiber Pukhtunkhwa (KPK) by providing employment opportunities in different commercial, construction and production activities. Despite the substantial consequences of CPEC, the project is collared by various internal and external confronts and disputes like India’s stances on the project, terrorism and instability of Afghanistan and its spillover to Pakistan and feeling unsecure of other countries in the region, Internally political conflicts between the provinces, security challenges and political controversies regarding the route selection etc. which are to be coped with by Pakistan so that to execute of the mega project of CPEC a beneficial endeavor for Pakistan. Keywords: CPEC, OBOR, Silk Rode, Economic Policy, Foreign Policy DOI: 10.7176/JESD/12-2-07 Publication date: January 31 st 2021
Highlights
The 21st century has visualized the setting up of regional and globalized economic strategic upbringing all around the world which has stimulated geo-economic and geostrategic association amongst regionally dispersed nations (Olds, 2002)
The government of Pakistan has to negotiate with these countries directly or through United Nation Organization (UNO) so that to let the China Pakistan Economic Corridor (CPEC) to be proceeded in a safe and smooth way and after completion the environment is favorable for traders and investors
China being already an expanded and developed economy wants more to boost up and searching for feasible ways and attractive markets while Pakistan being a slow developing economy would like to go abreast China in this race and get the support required to grow its economy by expanding their trade
Summary
The 21st century has visualized the setting up of regional and globalized economic strategic upbringing all around the world which has stimulated geo-economic and geostrategic association amongst regionally dispersed nations (Olds, 2002). On the basis of such firm relation and economic and geographic importance for each other, both the countries revived and stimulated the historic Silk Road –the oldest well-known trade route in the world- by their collaborative efforts (Wood, 2002) This route was further extended so that to provide an access to Gawadar port for China (kashghar) which makes Pakistan strategically of enormous significance in the region (Kalim, 2020). The key objective of this corridor is to establish a strong mutual relationship, expand economic activities, encourage trade by shrinking the distances amongst the countries through a common route, enhance transportation www.iiste.org system, energy and mining projects through public and private investment from the economies of the region and create a politically friendly and flexible environment in the region (Casarini, 2015); (Ohashi, 2018); (Saddam Hussain, Sohail, Yu, Manzoor, & Zahid, 2020).
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
