Gwadar Free Zone inks agreement with Xinjiang Pilot Free Trade Zone
GWADAR, Aug 17 (Gwadar Pro) - In a fresh strategic move, Gwadar Free Zone (GFZ) has inked a comprehensive economic agreement with Xinjiang Pilot Free Trade Zone (XPFTZ) to build a new pattern of interactive development for logistic, trade, and commercial growth under the framework of China-Pakistan Economic Corridor (CPEC).
Gwadar Free Zone signed the economic pact on August 16 and forwarded it to the administration of Xinjiang Pilot Free Trade Zone for needful action, Gwadar Port Authority official told Gwadar Pro.
China Industry Overseas Development Association is also part of the agreement to expedite coordinated development of the two regions, he added.
“It has been agreed by the contracting parties to jointly promote the economic development of the two trade zones. Cooperation in the fields of energy, textile, agricultural products, trade and logistics will be enhanced through this agreement,” he said, adding that a joint working group would be established to carry out coordination and implementation. Regular communication mechanisms will be established among the parties.
Gwadar Free Zone comprises two parts, Gwadar South Free Zone spreading over 60 acres and Gwadar North Free Zone spanning over 2221 acres. The Xinjiang Pilot Free Trade Zone (XPFTZ), comprising parts of Urumqi, Kashgar and Khorgos, covers an area of 179.66 km2.
