PM, Chinese envoy discuss CPEC projects
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday reiterated Pakistan's commitment to China-Pakistan Economic Corridor (CPEC), describing it as a flagship project of the longstanding strategic partnership between Islamabad and Beijing.
In a meeting with Chinese Ambassador Jiang Zaidong, the prime minister reiterated support for the timely implementation of key infrastructure schemes, including the Main Line-1 (ML-1) railway upgrade, the Karakoram Highway expansion, and the development of Gwadar Port.
According to a statement from the Prime Minister's Office, talks also touched on broader cooperation in agriculture, industry, and information technology.
6th China-S Asia Cooperation Forum held in Kunming: Pakistan, China reaffirm commitment to high-quality development of CPEC
PM Sharif conveyed greetings to Chinese President Xi Jinping and Premier Li Qiang, and expressed hopes for the successful convening of the Shanghai Cooperation Organisation (SCO) summit, which Pakistan is expected to attend later this year.
Consultations are currently under way regarding the prime minister's planned visit to China, likely to take place in late August.
The prime minister thanked Beijing for its continued financial and economic support, which he said had contributed significantly to stabilising Pakistan's economy and improving its macroeconomic indicators.
Regional security was also discussed, particularly recent developments in the Iran-Israel conflict. Ambassador Jiang praised Pakistan's role in promoting dialogue and diplomacy in international forums, including the UN Security Council.
Both sides agreed to maintain close coordination ahead of the SCO summit, reaffirming their shared commitment to peace, development and regional connectivity.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Iron ore gains on falling inventories
SINGAPORE: Prices of Dalian iron ore futures rose on Friday and were poised for a weekly gain on falling iron ore and steel inventories, outweighing Taiwan anti-dumping duties. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) ended morning trade 1.85% higher at 715.5 yuan ($99.78) a metric ton. The contract has gained 4.67% so far this week. The benchmark July iron ore on the Singapore Exchange was 1.16% higher at $94.4 a ton as of 0414 GMT, rising 1.01% so far this week. 'Falling iron ore port inventories are a tailwind, providing downside protection to iron ore prices,' said ANZ analysts. Total stockpiles of iron ore across ports in China fell 0.74% week-on-week to 133.6 million tons as of June 27, according to SteelHome data. Mysteel data showed finished steel inventories held by Chinese traders continued to fall from June 20 to 26, marking the seventh consecutive weekly decline. However, the pace of the fall slowed compared to the week before, which could be attributed to increased production at domestic mills, Mysteel added. The US dollar tumbled to near a 3-1/2 year low amid the possible early replacement of US Federal Reserve Chair Jerome Powell, sparking concerns over an erosion of the central bank's independence. A weaker greenback makes dollar-denominated assets cheaper for holders of other currencies.
Business Recorder
an hour ago
- Business Recorder
IWT: PM hails arbitration court's ruling
ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday hailed a ruling by the Permanent Court of Arbitration (PCA) concerning the Indus Waters Treaty (IWT), describing it as a 'major endorsement' of Pakistan's longstanding stance on the dispute with neighbouring India. In a statement issued by the Prime Minister's Office, Sharif said the PCA's Supplemental Award confirmed that India does not have the authority to unilaterally suspend or hold in abeyance the treaty, which governs the distribution of water between the two countries. 'We are working upon water resources as the water is the lifeline for the people of the country,' he said. Sharif also commended his legal team for what he described as their 'significant legal contributions' in presenting Pakistan's case before the international tribunal. The Supplemental Award, made public on the PCA's website on Friday, was issued as part of proceedings initiated by Pakistan against India under the terms of the 1960 IWT. The ruling states that India's unilateral decision to suspend the treaty's dispute resolution mechanism did not strip the court of its jurisdiction to hear Pakistan's complaints. In its findings, the PCA concluded: 'The text of the Treaty, read in light of its object and purpose, does not allow either party, acting unilaterally, to hold in abeyance or suspend an ongoing dispute settlement process.' The ruling further clarified that the treaty remains in force unless terminated by mutual agreement between India and Pakistan, stating: 'Such text definitively indicates an intent by the drafters not to allow for unilateral action to alter the rights, obligations, and procedures established by the Treaty.' Pakistan has welcomed the decision, saying it affirms the authority of the court and of the neutral expert to adjudicate matters arising under the treaty, despite India's attempts to halt the proceedings. The 1960 Indus Waters Treaty, brokered by the World Bank, has long been seen as a rare example of sustained cooperation between India and Pakistan, despite decades of political and military tensions. Copyright Business Recorder, 2025
Business Recorder
an hour ago
- Business Recorder
Oil steadies after report of planned OPEC+ Aug output hike
HOUSTON: Oil prices edged up slightly on Friday, recovering from a midday drop into negative territory following a report that OPEC+ was planning to hike production in August, but tumbled about 12% in the week in their biggest drop since March 2023. Brent crude futures settled at $67.77 a barrel, up 4 cents, or 0.1%. US West Texas Intermediate crude finished up 28 cents, or 0.4%, at $65.52 a barrel. Four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following a similar-size output increase already planned for July. 'The report about an OPEC increase came out and prices cratered,' said Phil Flynn, senior market analyst with Price Futures Group, about the midday slide. Crude prices were already headed for a 12% decline for the week following the cease-fire between Israel and Iran. During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire. 'The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market,' said Rystad analyst Janiv Shah. Flynn said expectations of higher demand in the coming months gave crude a boost earlier on Friday. 'We're getting a demand premium on oil,' Flynn said. Prices had also been supported earlier in Friday's session by multiple oil inventory reports that showed strong draws in middle distillates, said Tamas Varga, a PVM Oil Associates analyst. US government data on Wednesday showed crude oil and fuel inventories fell last week, with refining activity and demand rising. Meanwhile, data on Thursday showed that independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week. Additionally, China's Iranian oil imports surged in June as shipments accelerated before the Israel-Iran conflict and demand from independent refineries improved, analysts said. China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data. The US oil and natural gas rig count, an early indicator of future output, fell for a fourth straight month to its lowest since October 2021, Baker Hughes said. The number of oil rigs fell by six to 432 this week, also the lowest level since October 2021.
