Pakistan and China have agreed to set a new direction to the USD 60 billion CPEC for future cooperation by largely shifting away from infrastructure projects and scouting for copper, gold, oil and gas sectors. The decision to expand the China-Pakistan Economic Corridor scope to copper, gold, oil and gas sectors was taken during the 9th Joint Cooperation Committee (JCC) meeting that was co-chaired by Planning Minister Khusro Bakhtiar and National Development and Reform Commission (NDRC) Vice-Chairman Ning Jizhe.
What
  1. The JCC meeting was fruitful, discussions successful and the agreed framework is promising," Chinese Ambassador Yao Jing said, while addressing the media along with the planning minister.
  2. The Chinese ambassador said the JCC had set a new direction for the CPEC. He said the discussions also took place to shift the Chinese manufacturing unit to Pakistan and providing Chinese financing facilities for future projects.
  3. The planning minister stated that copper and mineral development would benefit both the countries as China remained one of the largest copper importers.
  4. He maintained that the revival of the Pakistan Steel Mills with the help of China could also reduce the import bill by USD 4 billion.
  5. The minister declared that Pakistan's security challenges had roots in its neighbourhood and to meet the challenges, there was a need to completely fence the country's borders with Afghanistan and Iran.
Flashback
  1. China–Pakistan Economic Corridor (CPEC) is a collection of infrastructure projects that are currently under construction throughout Pakistan. 
  2. CPEC is intended to rapidly modernize Pakistani infrastructure and strengthen its economy by the construction of modern transportation networks, numerous energy projects, and special economic zones.
  3. On 13 November 2016, CPEC became partly operational when Chinese cargo was transported overland to Gwadar Port for onward maritime shipment to Africa and West Asia, while some major power projects were commissioned by late 2017.

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