ISLAMABAD: Finance Minister Ishaq Dar has rebuffed India’s objection to the China-Pakistan Economic Corridor (CPEC) and termed it a violation of established norms of international economic relations.

He was speaking during a meeting on Tuesday with a Chinese delegation led by Dr Baige Zhao, co-chairperson of RDI, a joint Pakistan-China think tank on the CPEC, and Hongyan Zhang, Mayor of Karamay City of Xinjiang.

“It is frustrating to see a third country objecting to economic cooperation between China and Pakistan. It is in violation of all established norms of international economic relations,” Dar said, referring to a statement by the Indian foreign minister.

He rejected the contention of the Indian leadership that the route of the corridor was controversial. He also categorically rejected Indian leadership’s seven-neighbour theory and termed it fallacious.

He said there was nothing controversial about the CPEC route and the areas it would pass through were all part of Pakistan. He said India had misunderstood the nature of Pakistan-China cooperation, adding that the corridor project was not against anyone’s interest.

“War phobia can only be defeated through economic development. Peace and prosperity can be achieved with economic advancement,” the finance minister said.

Says Indian objection to corridor against norms of international economic relations

Dar said the corridor project had now become a reality. “The CPEC would be beneficial not only for China and Pakistan but also for the people of the whole region,” he said, adding that the signing of the corridor project had paved the way for economic prosperity for three billion people in the region.

He said that of the $46 billion CPEC, projects worth $34bn were in the private sector. “We have encouraged the participation of the private sector in these projects.”

Dar said the government had taken all political parties on board and they had endorsed the CPEC at an all-party conference held on May 28.

According to an official statement, Dr Baige Zhao endorsed Dar’s views on the CPEC and said that China and Pakistan were on the same page.

She agreed that undoubtedly the corridor project would not only benefit the people of China and Pakistan but also the people of the entire region.

She informed Dar that the RDI would focus on the projects under the CPEC and carry out studies and research to ensure their success.

Dr Zhao also mentioned the establishment of Karamay Forum in the Chinese autonomous region of Xinjiang on the pattern of Boao Forum and said the idea was to bring together policymakers, parliamentarians, prominent business concerns, companies and youths from both countries for a useful discourse on economic and social development.

She invited Finance Minister Dar to attend the forum’s meeting scheduled for Aug 9.

Dr Zhao expressed gratitude to Pakistan for its cooperation in founding of the Asian Infrastructure Investment Bank (AIIB) which, she said, would provide developing countries in Asia infrastructure financing, a new voice and greater say in international economic affairs.

Dar said he was honoured to sign the MoU on AIIB on behalf of Pakistan as a founding member. Starting with 22 founding members, he said, the bank had now secured support of another 35 countries under its banner. He said the AIIB would complement, not hinder, activities of international financial institutions like the World Bank and ADB.

He welcomed Dr Zhao’s idea on the establishment of CPIC (Information Corridor) which would serve the purpose of information and knowledge sharing between people of Pakistan and China.

Published in Dawn, June 3rd, 2015

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