ISLAMABAD: Pakistan and China have signed an agreement for the launch of a special satellite to monitor the development of the $46 billion China-Pakistan Economic Corridor (CPEC) projects.Minister for Planning, Development and Reform, Ahsan Iqbal on behalf of Pakistan Space and Upper Atmosphere Research Commission (SUPARCO) and China Great Wall Industry Cooperation (CGWIC) President Yin Limping signed the agreement here yesterday.The two sides agreed for the development and launch of the 'Pakistan Remote Sensing Satellite (PRSS-1) System' and in this regard launch a satellite in June 2018, Dawn reported.Speaking on the occasion, Iqbal said that bilateral cooperation between the two countries in space domain would open new vistas of socio-economic and scientific cooperation, giving boost to the historic bilateral cordial relations in other fields.Space technology is fundamental in socio-economic development, infrastructure upgradation, agriculture production, urban planning in new age, he added.The minister said that the agreement would also transfer space technology to Pakistan and the PRSS-1 is yet another flagship project between China-Pakistan relations after CPEC.It would go a long way to redefine the bilateral relations, he said.The new project would also help Pakistan in national security arena by strengthening border security and surveillance apparatus, Iqbal said.The CPEC is a $46 billion project launched with the help of China to connect western China to southern Pakistan's port city of Gawadar, giving Beijing an opening to the Arabian Sea.India has been protesting the corridor's passing through Pakistan-occupied Kashmir ever since the project was kicked off by President Xi Jinping during his visit to Islamabad last year.