BEIJING, June 4 -- Cooperation built upon traditional friendship is poised to benefit the China-Pakistan "iron brotherhood" and open a new vista of common development.

During Chinese President Xi Jinping's first visit to Pakistan in April, the two neighbors lifted ties to a new high, establishing an "all-weather strategic cooperative partnership" and signing several new cooperation deals, at the center of which is the China-Pakistan Economic Corridor (CPEC).

Besides cementing political trust, further economic ties will help build on their long-standing friendship, which was described by Pakistani Prime Minister Nawaz Sharif as "higher than mountains, deeper than oceans, sweeter than honey and stronger than steel".

The CPEC aims to create a 3,000-km economic corridor between the port of Gwadar in Pakistan and northwest China's Xinjiang over 15 years, with roads, rail links and pipelines crossing Pakistan.

If realized, it would be China's biggest economic development project in another country to date and help lift Pakistan out of its economic slumber and boost growth for the Chinese economy.

For Pakistan, this will be a once-in-a-lifetime opportunity to rejuvenate its economy, which has been stifled by power shortages.

Apart from investment in Pakistan's transportation infrastructure, a large part of the cooperation deals are energy projects, including the construction of coal-fired power plants and hydropower, solar and wind power plants.

The expansion of Pakistan's energy generation capacity is important not just for development, but also for social stability.

For China, the project will offer an economic stimulus for its relatively underdeveloped western regions, particularly Xinjiang, by creating incentives for enterprises to expand businesses and create jobs.

The corridor would also give China an important land route to its markets in Europe and Africa, significantly cutting travel time and costs compared to the current shipping routes through the Straits of Malacca.

More importantly, the CPEC is the "flagship project" of China's ambitious vision for a modern reconstruction of the Silk Road. The development will offer a glimpse into how China plans to realize the Belt and Road Initiative, while success will boost confidence of countries and regions along the routes.

For regional development, the network will ultimately expand to link other countries, stimulating an economic and trade boom in the region.

While the commitment is there on both sides to make a successful implementation, there are many challenges that need to be overcome. Major ones include maintaining security, ensuring transparency and efficient execution.

These challenges are not unsurmountable but overcoming them does require serious efforts from both sides.