Deadlock over interest rates for major rail project stalls annual summit
KARACHI — China and Pakistan are embroiled in their most serious disagreement relating to the Belt and Road Initiative, causing the annual bilateral summit of the China-Pakistan Economic Corridor (CPEC) to be delayed.
The Joint Cooperation Committee (JCC) is CPEC’s principal decision-making body. It is jointly chaired by Pakistan’s minister for planning, development and special initiatives and the vice chairman of China’s National Development and Reform Commission.
The first JCC meeting was held in August 2013 and the last in November 2019. The 10th JCC was scheduled for early 2020, but remains postponed.
Initially, the COVID-19 pandemic was the reason, but later disagreements between the two countries over the Main Line 1 (ML-1) railway project and special economic zones became the main points of disagreement, Nikkei Asia has learned from informed sources.