November 19 2017

Where does 'One Belt One Road' lead?

November 19 2017, 06:56 | Jodi Jackson

CPEC may fuel Indo-Pak tension: UN report

OBOR China OBOR India-China India China relations Shanghai Cooperation Organisation Belt and Road Forum indian express column

Last week, China hosted a large-scale global conference to discuss the vision of its leader, President Xi Jinping, of connecting Asia, Europe and Africa through a network of roads, ports, bridges, tunnels, pipelines and other projects that involve 68 countries on three continents and about two-thirds of the world's population, with cumulative total investment estimated in the trillions of dollars. Bangladesh also has an opportunity to improve connectivity and transform its economic conditions by exploring new avenues through trade, investment and greater people-to-people exchanges among the OBOR countries. This forum is seen by the Chinese government as a concrete move to revive the ancient Silk Road. And despite Beijing's decades-long support for non-interference - not meddling in other countries' domestic affairs - foreign policy analysts ask if its growing economic leadership will give rise to more political ambitions, too.

In an address at the forum's opening ceremony, Xi said his nation would "foster a new type of worldwide relations" based on mutual cooperation, coexistence and co-prosperity, thereby attempting to place a check on the existing order that is centred on the United States. CPEC itself enhances the beauty of Pakistan's federation as its route passes through all federating units.

"The proclaimed approach "stability through joint development" is an attractive form of worldwide cooperation reflecting the economic interests of dozens of countries". However, OBOR has two separate routes of giving: the Silk Road economic belt as well as the 21st century maritime Silk Road.

That's why we're bringing our readers two stocks to buy now to profit from the new Silk Road initiative. Gas pipelines across central Asia. It implies not only the addition of the potentials of such integration forums as the Eurasian Economic Union, the One Belt One Road, the SCO and the ASEAN, but does not close the door for participation of other states, including the European Union.

"The idea of creating a single economic space of Greater Eurasia acquired a new meaning". Although the Belt and Road Initiative does not include Nordic countries, Denmark, Norway, Finland, Sweden, and Iceland are members of the China-initiated Asian Infrastructure Investment Bank (AIIB) (Canada, another Arctic state, is a prospective member).

The main point of concern for several countries in the world is that this OBOR concept has been initiated by China and not by a neutral or world body such as the United Nations. Kazakhstan takes concrete steps in this area.

Now that President Trump has declared his intension to reintroduce the American System of Economy of Alexander Hamilton, Henry C. Clay, and Abraham Lincoln, and to reintroduce the Glass Steagall legislation of Franklin D. Roosevelt, the possibility of an early establishment of a National Bank and a Credit System in order to channel Chinese holdings into infrastructure investments could be implemented soon.

He stressed the importance of developing agricultural cooperation to ensure food security of the countries located along the new Silk Road.

On the margins of the meeting of the African Development bank in Gandhinagar, India will try to reinforce these distinctions through an "India-Africa dialogue" that the Federation of Indian Chambers for Commerce and Industry (Ficci) is organising.

"I would like to draw your attention to the initiative of Kazakh scientists to establish an International Academy of Sciences of the Silk Road".

"Where is the economic rational for CPEC?" he said. For example, while the Jakarta-Bandung rail project is listed as part of the Belt and Road Initiative, Indonesia holds a 60 per cent stake in the US$5.5 billion project.

The world today is full of conflicts, with every country acting in its own interests without a world view.

"'One Belt, One Road" is a way to help rebalance the world economy. Together, they account for more than 60 per cent of the world's population, over a third of its merchandise trade, and almost as much of its GDP.

In addition, the parties discussed ensuring regional and cyber security, as well as global issues. "That was confirmed at the summit and so optics were quite interesting", he said.

The Chinese foreign ministry said in the aftermath of the forum that "large countries, boasting relatively more resources and more capabilities, shall naturally assume more responsibilities and make more contributions" and the initiative shows that "China never shirks its responsibility".

More than 29 heads of nations came together in Beijing on Sunday to officially launch China's massive One Belt One Road initiative, an effort that some have described as the biggest overseas development push in history. He also announced that two government-run banks would distribute loans of United States $ 55 billion to support Belt and Road projects. A balanced and sustainable economic partnership is still necessary for India's development.

Other news