CPEC Opportunities and Challenges for Pakistan

Abstract

CPEC is a massive project that aims to change the geoeconomic dynamics of Pakistani Chinese relations and increase trade between the two countries in the region. Pakistan and China have had a bilateral relationship since 1949, shortly after China gained independence. Pakistan was the first Muslim country outside of the Soviet Union to recognise China as a legitimate state and establish diplomatic ties with it. China China's Pakistan Economic Corridor is a meticulously planned initiative. China will gain a very quick route to the Arabian Sea through Pakistan's Gwadar Port as a result of this Corridor. The project's initial value was 46 billion dollars, but it has since increased to 62 billion dollars, making it an unquestionably fantastic project. Pakistan and China have proposed three corridors as part of the CPEC's core focus. CPEC is offering 27 special economic zones across the country as part of its development programmes. China plans to connect Kashgar in northwest China with Gwadar in the Arabian Sea near the Iranian border as part of the China Pakistan Economic Corridor. Gwadar, just outside the Gulf's mouth, would serve as a port for Middle Eastern oil that could then be transported to China through Baluchistan and the Karakorum Mountain.