One Belt-One Road summit: New deals extravaganza as Nawaz meets Xi

$493 million added to growing Pakistan-China partnership portfolio

BEIJING: Pakistan on Saturday signed new deals with China worth nearly $500 million as Prime Minister Nawaz Sharif met President Xi Jinping ahead of Beijing's international forum on its One Belt One Road (OBOR) initiative.

The memorandums of understanding add to the $57 billion already pledged for the China-Pakistan Economic Corridor (CPEC), a network of rail, road and energy projects -- part of OBOR.

"The China-Pakistan Economic Corridor is a core component of your visionary initiative of the One Belt-One Road," Nawaz told Xi when they met at the Great Hall of China on Saturday.

“We sincerely appreciate your commitment and leadership for the realisation of CPEC projects," he told the Chinese president ahead of the 'Belt and Road Forum for International Cooperation’.



Among the $493 million in deals signed on Saturday were two cooperation agreements worth $333 million for Gwadar airport and the establishment of Havelian Dry Port. A $160 million agreement on economic and technical cooperation for the East Bay Expressway linking Gwadar to Pakistan's existing highway system was signed as well.

Nawaz told Xi that his government was making all-out efforts for active implementation of CPEC and had made good progress in executing energy and infrastructure projects.

Xi expressed satisfaction over the pace of growth in bilateral ties and resolved to cement the ties further by enhancing cooperation in multiple spheres. He also called for a swift completion of projects involving Gwadar Port and special economic and industrial parks along the corridor.



Nawaz also met his Chinese counterpart Li Keqiang earlier in the day and called for accelerating the implementation of projects in Gwadar and establishment of special economic and industrial zones.

He said the composition of his delegation – comprising chief ministers of all four provinces in addition to ministers for finance, planning, railways and IT and his adviser on foreign affairs – showed the strong bonds of friendship between the two countries.

"The presence of all four chief ministers symbolises the broad-based support in Pakistan for cooperation with China and CPEC," he said.

Regarding CPEC, the PM said the initiative’s success can be gauged from the fact that a very large number of countries are now showing eagerness to become part of it.

Li reiterated that China would continue to stand by Pakistan and extend moral and diplomatic support to it at every forum, prompting Nawaz to appreciate Beijing’s backing on the issue of Kashmir.

"On Kashmir, China has always been supportive of Pakistan's stance and has assured it will continue to extend the same cooperation in future as well," Nawaz told reporters after his meeting with Li.

He said both Pakistan and China favoured negotiations with India as the "most viable solution to the Kashmir dispute."

Nawaz also called on Turkey’s President Recep Tayyip Erdogan in Beijing and discussed various matters of mutual interest with him.

The Beijing summit is expected to be attended by at least 29 heads of states and delegates from as many as 130 countries to promote Xi's vision of expanding trade links.

Delegates in Beijing will hold a series of sessions today (Sunday) to discuss the plan in more detail, including trade and finance.

(WITH ADDITIONAL INPUT FROM AGENCIES)