CPEC Plus: Integrating Global Economy Between North and South

Abstract

China-Pakistan Economic Corridor (CPEC), the flag project of the Belt and Road Initiative (BRI) of China is supposed to expand bilateral connectivity between China and Pakistan via infrastructural development. In this paper, we will discuss how CPEC has transformed into CPEC Plus, a broader vision of connecting Pakistan to China and extending onwards to regional and global connections. CPEC Plus aims at closing the historical divide between the North and South through economic collaboration of the developed and developing nations especially through trade connectivity, industrial partnership, and technology transfer. In this paper, a theoretical approach of the CPEC Plus with references to dependency theory and globalization is analyzed, as well as how Geo-economics and South-South cooperation also play a fundamental role in the initiative. The paper goes further to discuss the opportunities that CPEC Plus has brought about including economic growth, industrialization as well as increased diversity of the trade routes in the Global North. The initiative has, however, met some challenges which include; geopolitical rivalries, issues related to debt diplomacy, security threat, and environmental sustainability. The policies are given recommendations so that the governance can be inclusive and transparent to facilitate the better cooperation in the region and even better partnerships with less dependence on China given the focus on aligning CPEC Plus with the Sustainable Development Goals (SDGs). The conclusion highlights the transformative potential of CPEC Plus in the transformation of the global economic dynamics, its inclusivity to global economy, and its cooperation between the Global North and South.