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| CPEC agreement to be revisited? |
ISLAMABAD: Newly elected Pakistani government will review its role in China's Belt and Road Initiative (BRI) and renegotiate a trade agreement signed more than a decade ago, UK Daily, citing Pakistani officials, reported on Sunday.According to report, the ministers and the advisors of the PTI-led government said the agreement "unfairly benefits Chinese companies."“The previous government did a bad job negotiating with China on CPEC — they didn’t do their homework correctly and didn’t negotiate correctly so they gave away a lot,” The Financial Times reported, quoting Abdul Razak Dawood, the Pakistani member of the cabinet responsible for commerce, textiles, industry and investment.Dawood was reported to have said; “Chinese companies received tax breaks, many breaks and have an undue advantage in Pakistan; this is one of the things we’re looking at because it’s not fair that Pakistan companies should be disadvantaged.” The advisor was quoted as saying: “I think we should put everything on hold for a year so we can get our act together,” he added. “Perhaps we can stretch CPEC out over another five years or so.”The projects concerned are part of the $62bn China-Pakistan Economic Corridor plan — by far the largest and most ambitious part of the BRI, which seeks to connect Asia and Europe along the ancient silk road. It also includes a huge expansion of the Gwadar port on Pakistan’s south coast, as well as road and rail links and $30bn worth of power plants.As per report, Chinese foreign minister Wang Yi, who visited Islamabad at the weekend, indicated that Beijing could be open to renegotiating its 2006 trade deal with Pakistan. On the other hand, Pakistan' finance minister, Asad Umar was reported to have said that Pakistan would be careful and not to offend Beijing, adding ; “We don’t intend to handle this process like Mahathir.” It is pertinent to note that Malaysia has cancelled three China-backed pipeline projects and put a showpiece BRI rail link under review.
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