China Pakistan Economic Corridor: A Chinese Dream Being Materialized Through Pakistan

Abstract

In line with its defined strategic order, China has now started working more closely with Pakistan in areas of new investments and partnerships. The process started way back in the 1990s; however, a joint declaration in this regard was the concrete outcome after a meeting between President Hu Jintao and President Gen. Pervez Musharraf in 2003 at Beijing (Fmprc, 2003). The declaration highlighted the areas of cooperation for future. A joint statement in 2006 further strengthened the cooperation when Free Trade Agreement (FTA) was signed during the visit of President Hu Jintao to Islamabad in 2006. It gradually expanded the trade volume between Pakistan and China from $1 billion in 1998 to $15.15 billion in 2015 (VANDEWALLE, 2015). This enhanced cooperation then laid the foundation of China-Pakistan Economic Corridor (CPEC).