CHINA PAKISTAN ECONOMIC CORRIDOR (CPEC)
Euro-Asian Economic Roadmap - Future of the World
Pakistan is going to be the future of the world because Economic corridor is not only the road to economic prosperity of Pakistan; it can be termed as future of the world. It is estimated that about 3 billion people from China, South Asia and Central Asia, would be benefited from the economic corridor. It has the potential to empower half of the world’s population living in Asia, by developing special trade routes between China and Pakistan.
China-Pakistan Economic Corridor (CPEC) is a development program to connect Gwadar Port in southern Pakistan to China’s northwestern region of Xinjiang via highways, railways and pipelines to transport oil and gas.
The corridor, after completion, will serve as a primary gateway to trade among China, Middle East and Africa through Pakistan. Particularly, the oil from the Middle East could be offloaded at Gwadar, which is located just outside the mouth of the Persian Gulf. The Oil would be transported to China through the Baluchistan province in Pakistan. Such a link would vastly cut the 12,000-kilometres route that Mideast oil supplies must now take to reach Chinese ports.
Analysts proclaim that once completed, CPEC will re-open the economic artery blocked for years, realizing the interconnection in transport, trade, investment and finance and build a new Euro-Asian economic roadmap benefitting countries along the Silk Road and even more. There is no dearth of energy and recourses in Central Asia which would be available to others in the region, which is likely to become the biggest market in the world and would contribute to regional stability and prosperity.
GSP + (Generalized Scheme of Preferences)
Special Incentive Arrangement for sustainable development and good governance
GSP+ scheme is a ‘Special Incentive Arrangement for sustainable development and good governance’ and it has been awarded to Pakistan for a period of ten years starting from January 2014. Pakistan is only be the second textile and garment exporting country in the South and South East Asian region, enjoying duty free access into the EU. Beneficiary sectors of the GSP+ scheme are Textiles and Garments, leather and leather articles, footwear, plastics, ethanol, fresh and processed fruits etc also have the potential to take the advantage of duty free access.