The China-Pakistan Economic Corridor (CPEC) is a revolutionary and historic partnership between the two allies.
In a nutshell, CPEC in several projects benefited both countries via trade and other businesses.
The initial project started its construction in 2013 at an estimated $6bn; as of 2020, it is now valued at $10 billion. The project also focuses on infrastructural developments, including motorway expansions, energy production, special economic zones, and mass transit.
CPEC’s main role is to strengthen Pakistan’s economy by focusing on the important infrastructure needed to carry-out important business deals.
Govt To Introduce New Law To Fast-Track CPEC Projects
However, recently, the government of Pakistan has decided to introduce a new law to fast-track the project’s progress, according to sources.
As per the details given by the source to Profit, the Cabinet Committee on the Disposal of the Legislative Cases (CCLC) had recently approved a draft law about the CPEC Authority.
According to the draft, the position of the CEO of CPEC Authority will be abolished, the Chairman will have less involvement in decision making, and an end to the authority’s powers to constitute a business council.
The government had established the CPEC authority via CPEC Authority Ordinance 2019 on 5th October 2019. The idea was to speed-up coordination, evaluation, and monitoring of CPEC-related activities across the country.
However, as of March 2020, the ordinance expired, so the new draft was created.
“The government has prepared a fresh draft of CPEC Authority Bill 2020 to deal with CPEC Authority issues amicably.
“Also, to speed up the pace of CPEC projects that are important for the country’s economic development,” an insider informed.
As per the draft law, “The authority may call for any pertinent information, required by it from any person, institution or body that is or has been involved directly or indirectly in any CPEC-related activity, while any person or its authorized officer will be bound to provide this information within the period prescribed by the authority or such officer.”
According to the Profit, the authority’s decision will be taken by the majority of the total members. The quorum for a meeting will be two-thirds of the total members while the fraction is counted.
Moreover, the new law talks about the establishment of the CPEC Business Council. Its role will be to advise the authority by the memorandum of understanding (MoU).
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