Pakistan and China are about to finalize the terms for third parties to participate in the second phase of the China-Pakistan Economic Corridor (CPEC), which is intended to attract more potential investors.
Since both nations support the expansion of CPEC to a broader area through land route transportation, the geographical scope of the project would be increased by enhancing connection between neighboring countries and regions and Pakistan’s sea ports.
The Joint Working Group on International Cooperation and Coordination (JWG-ICC) will serve as the principal forum for developing the terms of third-party involvement in CPEC initiatives.
To agree on the terms of third-party involvement in the China-Pakistan Economic Corridor (CPEC), the JWG-ICC will arrange bilateral meetings between China and Pakistan.
The JWG-ICC would ask the appropriate authorities on both sides for agreement on the engagement modalities. The JWG-ICC will send cooperation suggestions to all relevant CPEC JWGs for technical preparation and plan on execution in their respective regions after clearance by competent authorities, prior to final approval by the JCC.
Briefings will be held in certain Chinese and Pakistani diplomatic posts overseas to raise knowledge about the China-Pakistan Economic Corridor (CPEC) and the procedures for third-party investment.
Reports stated that in order to finalize the text of general principles and purpose for third party involvement in CPEC projects and to share the Chinese draft with other parties, the Ministry of Foreign Affairs called a meeting this week.
