Pakistan, China inching closer to adopt LTP 2014-30

ISLAMABAD: Pakistan and China have narrowed down their differences over formal adoption of Long Term Plan (LTP) for 2014-2030 but the major unresolved issue was insistence of Chinese side for allowing usage of their currency especially at Gwadar.
Pakistani side instantly refused to accept it, arguing that then China will have to give same treatment to Pak Rupee in their respective areas. Both sides could not agree on granting nod on much-awaited Karachi Circular Railway (KCR) during senior officials’ meeting. However, Pakistan and China agreed for establishing three special economic zones (SEZs) in Debiji (Sindh), Rashakai (KP) and Faisalabad.
The KCR project, with estimated cost of $2.07 billion, will not be moved forward into Joint Cooperation Committee (JCC) meeting scheduled to be held today (Tuesday) between top officials of both sides under China Pakistan Economic Corridor (CPEC) mainly because the Centre and Sindh governments remained unable to sort out their differences. The senior officials’ meeting (SOM) took place on Monday in a bid to iron out differences so that the political leadership could take final decisions in the JCC meeting after holding detailed discussions at the SOM forum. Official sources claimed that both sides succeeded to narrow down their differences over adoption of LTP for 2014-2030 but all differences could not be sorted out. Some officials argued that differences over LTP would be overcome and formal signing was expected during the JCC meeting on Tuesday. On energy and transport sectors, both sides agreed to revise list and inclusion of new projects into CPEC list.
The ML-1 for upgradation of rail link from Peshawar to Karachi is expected to be made part of CPEC as its financing will be firmed up. According to official announcement made after the SOM meeting, the 7th meeting of the JCC on CPEC started in Islamabad on Monday.
As a kick-start before the actual commencement of the JCC, meeting of the senior officials was jointly chaired by the Secretary Planning Shoaib Siddiqui and his Chinese counterpart. The SOM was attended by senior government officials, members of the joint working groups (JWG) on the LTP, energy, infrastructure, Gwadar, industrial cooperation and security from China and Pakistan, Secretary to the PM Fawad Hassan Fawad, federal secretaries of the line ministries, chairman Gwadar Development Authority, chairman Gwadar Port Authority and representatives of the provincial governments.
Welcoming the Chinese delegates, Shoaib Siddiqui stated that successful execution of the ongoing projects by now shows strong commitment and resolve of both China and Pakistan to execute every single project under the CPEC framework in letter and spirit. China and Pakistan are time tested and all weather friends since decades. The friendship was further transformed into iron brotherhood and economic partnership while both signed the CPEC framework which took this friendship to the new heights. He maintained that CPEC was a project of shared destiny and framework offering equal opportunities to the people of China and Pakistan.
The secretary planning maintained that Pakistani people as a nation and the government of Pakistan envisage great value to the commitment of Chinese leadership and the people for bringing huge investment of $46 billion which encouraged the global investors to take Pakistan as their investment destination. He said the government and the people of Pakistan are committed to completing this mega project through firm determination, coordinated efforts between the government functionaries and the line ministries.
The secretary planning said the pace of work and fast track execution of the projects was quite satisfactory since most of the projects underway were following the timelines agreed between the Chinese and Pakistani side. He hoped that keeping in view the progress of projects in the energy, infrastructure sectors and Gwadar, the completion of early harvest projects would be in time and on par with the international standards.