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Context: Recently, Pakistan has signed a new agreement with China to begin the second phase of the China-Pakistan Economic Corridor(CPEC).
Lack of transparency: As much as 40 percent of China’s lending to Pakistan does not appear on the government’s books.
Significance of the Plan
India and CPEC
India’s Sovereignty: India has continuously opposed the project since it passes through the Pakistan-occupied Kashmir territory of Gilgit-Baltistan, a claim opposed by Pakistan.
Chinese Control Over Trade Via Sea: Located a mere 600 km from the Strait of Hormuz, Gwadar places China in close proximity to the Iran-controlled water channel, which supplies 35% of the world’s oil requirements.
Chinese String of Pearls: China has been increasing its presence in the Indian Ocean with the ‘String of Pearls’ ambition.
Emergence of Pakistan as an Outsourcing Destination: Pakistani exports, mainly in the textile and construction material industry, compete directly with those of India in the US and UAE, two of the top three trading partners of both countries.
By: Shubham Tiwari ProfileResourcesReport error
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