Prime Minister Nawaz Sharif said on Sunday China-Pakistan Economic Corridor (CPEC) will bring huge economic and development benefits to the entire region and beyond, Radio Pakistan reported.
“South-South trade flows have been enhanced tremendously as a consequence of trade liberalisation and enhanced connectivity. Intra-South trade is now estimated to be over four trillion dollars and investment flows to developing countries were on the rise. They account for over 50 percent of the global Foreign Direct Investment,” the premier said, while addressing the Roundtable on South-South Cooperation, in New York.
The roundtable was held on the margins of the UN Sustainable Development Summit and the adoption of the 2030 Agenda for Sustainable Development.
The premier stressed that inter-state cooperation would put the region on the track of development and prosperity. He assured Pakistan considers South-South cooperation in trade, investment, human resource development, technology and financial resource generation in its interest.
“This gathering had come at a pivotal moment and together, an enormous effort had been made to make the Post-2015 Development Agenda responsive to the challenges and aspirations. Strengthening of institutional support from the UN System will help maximise the impact of South-South cooperation,” he added.
Further, PM Nawaz said Pakistan is actively engaged with regional organisations, including SAARC, ECO, ACD, and the D-8, based on its vision to strengthen regional and economic integration.
“The established principles and provisions of South-South Cooperation should continue to guide this collaborative framework,” PM Nawaz upheld.