ISLAMABAD - Islamabad Chamber of Small Traders (ICST) on Monday said CPEC is an important step towards new global economic order which will trigger growth in the third world; therefore, it is not acceptable to the developed western world.

The western economic model has failed to provide relief to the masses rather it has shifted the resources of poor countries to the western countries, while the Chinese economic model will ensure the development of the third world, it said. The CPEC is an important step towards new economic order dominated by China which will strengthen the Pakistani economy by boosting GDP, increase exports and provide employment, said Islamabad Chamber of Small Traders Patron Shahid Rasheed Butt.

A network of 3,218 km of roads, railways and dry ports from Gwadar Port to Kashgar will enhance the lives of about 3 billion people of this region. It will help China through Pakistan to do trade with the half of the world countries, he added. Shahid said that this mega project falls into two parts that are transportation and energy. An energy master plan of power generation projects to overcome energy crises would benefit Pakistan, he added.

He said this project will open new business outlets for businessmen from China, Pakistan, and Iran. It will also provide a platform for cooperation in the huge agricultural sector and will boost the tourism industry of Pakistan, he hoped. He said that CPEC is a historic opportunity for Pakistan, to place the country on a high growth economy, create jobs, improve and construct critical infrastructure and augment access to energy.

The only thing required is determination to develop right applications and structures as CPEC has the potential to be one of the biggest economic assets of the future, he added.