Key Point Analysis (KPA), the summarization of multiple arguments into a concise collection of key points, continues to be a significant and unresolved issue within the field of argument mining. Existing models adapt a two-stage pipeline of clustering arguments or generating key points for argument clusters. This approach rely on semantic similarity instead of measuring the existence of shared key points among arguments. Additionally, it only models the intra-cluster relationship among arguments, disregarding the inter-cluster relationship between arguments that do not share key points. To address these limitations, we propose a novel approach for KPA with pairwise generation and graph partitioning. Our objective is to train a generative model that can simultaneously provide a score indicating the presence of shared key point between a pair of arguments and generate the shared key point. Subsequently, to map generated redundant key points to a concise set of key points, we proceed to construct an arguments graph by considering the arguments as vertices, the generated key points as edges, and the scores as edge weights. We then propose a graph partitioning algorithm to partition all arguments sharing the same key points to the same subgraph. Notably, our experimental findings demonstrate that our proposed model surpasses previous models when evaluated on both the ArgKP and QAM datasets.