CPEC to benefit entire region: PM Nawaz tells South-South Cooperation

NEW YORK (Staff Report) - Prime Minister Nawaz Sharif has stressed the need for inter states cooperation to put South Asia on the track of development and prosperity.

Addressing a round table conference on South-South Cooperation in New York, the prime minister said that the China-Pakistan Economic Corridor (CPEC) project will bring a huge economic and development benefits to the entire region and beyond.

"Pakistan considers South-South cooperation in trade, investment, human resource development, technology and financial resource generation in its interest.

"Strengthening of institutional support from the UN system will help maximize the impact of South-South Cooperation.

The roundtable was held on the margins of the UN Sustainable Development Summit and the adoption of the 2030 Agenda for Sustainable Development.

Nawaz said that the established principles and provisions of South-South Cooperation should continue to guide this collaborative framework.

He said the gathering had come at a pivotal moment and together an enormous effort had been made to make the Post-2015 development agenda.

The South-South trade flows have enhanced tremendously as a consequence of trade liberalization and enhanced connectivity, he said, adding that Intra-South trade was now estimated to be over four trillion dollars and investment flows to developing countries were on the rise. They account for over 50 per cent of the global foreign direct investment.

"We are actively engaged with regional organizations including SAARC, ECO, ACD and D-8 based on our vision to strengthen regional and economic integration,” Nawaz Sharif said.