By Abdul Wajid Khan ISLAMABAD, Oct 28 (INP-WealthPK): The signing of an agreement of cooperation framework between China’s Ningbo Port and Pakistan’s Gwadar Port will increase bilateral maritime economic cooperation and strengthen Pakistan’s ports and shipping industry. In this era of economic globalization and growing interdependence of local, national, regional, and international economies, the role of ports and the shipping industry in the global economy has become significant. According to a Pakistani research study, around 90 percent of global cargo is dependent upon transportation through the sea, thus the ports and shipping industry is a vital part of today's international trade. An agreement of cooperation framework between Ningbo Port and Gwadar Port was signed during the recently held 10^th meeting of the Joint Coordination Committee (JCC) of China Pakistan Economic Corridor (CPEC). Ningbo Port is considered among the largest ports of China and it is playing a significant role in enhancing international cooperation among the global ports and shipping industry under the Belt and Road Initiative (BRI). China’s proposed BRI has two components including Silk Road Economic Belt and Maritime Silk Road. Silk Road Economic Belt is a transcontinental route that connects China with Southeast Asia, South Asia, Central Asia, Russia, and Europe by land, and 21st Century Maritime Silk Road is a sea route linking China's coastal regions with Southeast and South Asia, South Pacific, Middle East, Eastern Africa, and Europe. According to a Chinese publication, located at the intersection of the Belt and Road, Ningbo Zhoushan Port, which consists of 19 port areas, is one of the world's busiest ports and has topped the world's annual cargo throughput for 12 years in a row. In the first three quarters of this year, the port has witnessed a cargo throughput of 923 million metric tons and handled 23.97 million 20-feet equivalent units, up 4.1 percent and 12.2 percent, respectively. China has great strength in the ports and shipping industry. The report also highlights that China already has been leading from the front in the seaborne trade and the year 2019 was consecutively the 10th year of the highest annual container throughput for Shanghai Port which has proven itself the busiest container port in the whole world. China has the most connected shipping networks in the world -- it has seven of the world's 10 biggest ports and it is the largest trading partner of more than 120 countries and regions worldwide. CPEC, which is considered the flagship project of BRI, is now turning the cordial relationship between the two brotherly countries into strong economic cooperation. CPEC with its special focus on Gwadar is boosting maritime economic cooperation between both countries. Due to the important geo-strategic and geo-economic location of Gwadar, Pakistan is looking forward to developing and promoting Gwadar as a global trade hub in the future for the economic and social development of the country. Gwadar will also provide huge benefits to China as it will provide access to the Indian Ocean. Currently, the Indian Ocean enjoys a central position in global trade. Gwadar Port will provide the safest and shortest route to China for its trade and energy supplies. It will offer an alternate route to China instead of the maritime route through the Malacca Strait which is long and considered relatively unsafe. Pakistan is also dependent on seaborne trade which is currently estimated to be 95 percent. Growing dependency on seaborne trade will create more prospects for the country’s local shipping industry to flourish. Pakistan has an over 1,000km coastline with two ports that are already fully functional, including Karachi Port Trust (KPT) and Port Qasim, while the country's third port, Gwadar, is not fully functional yet. KPT has 33 cargo handling berths and it can host vessels up to 75,000 deadweight tonnage (DWT) while Port Qasim has 17 berths and can host around 55,000 DWT vessels. A research study suggests that the capacity of Gwadar deep-sea port can be extended to 88 berths and it can host gigantic vessels from 100,000 DWT to 200,000 DWT. After the complete operationalization of Gwadar Port, the capacity of Pakistan's ports and shipping industry will be enhanced. Close cooperation between Pakistan and China in the ports and shipping industry under CPEC will create mutual benefits for both countries and it will create more opportunities for Pakistan to promote and strengthen its domestic industry.