Beijing: Hainan Province and China Overseas Port Holding Company Limited inked an online memorandum of understanding (MoU) which officially includes the Gwadar Free Zone in Pakistan as part of the Global Free Trade Zone (Port) Partnership Initiative. “Gwadar Free Zone is located adjacent to Gwadar Port, which is Pakistan’s third largest port and a vital deep-water port in South Asia. Its policy advantages and functional orientation are consistent with the Hainan Free Trade Port. Dai Zhen, Director of Hainan Province’s Foreign Affairs Office stated at the signing ceremony.
We aspire for both sides to fully leverage their strengths to deepen economic and trade cooperation, and jointly benefit the people of both regions.” Since the launch of the Global Free Trade Zone (Port) Partnership Initiative earlier this year in March, the Hainan Free Trade Port has established robust connections with management institutions of prominent overseas free trade zones and ports. So far, 11 overseas free trade zones and ports have joined this initiative. Yu Bo, Chairman of China Overseas Port Holding Company Limited, which is responsible for the construction and operation of Gwadar Port, conveyed his enthusiasm for further collaboration, local media reported. “We aim to establish deep cooperation in trade, logistics, industrial services, and talent exchange with Hainan Free Trade Port and other stakeholders of the Global Free Trade Zone (Port) Partnership Initiative.