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Mahesh

12/10/23 05:54 AM IST

India likely to skip China’s BRI summit

In News
  • India is likely to skip China’s third summit marking President Xi Jinping’s signature Belt and Road Initiative (BRI), which, will be held on October 17 in the Chinese capital.
Purpose of BRI
  • Belt and Road initiative cost is around $124 bn announced as on. 2017.
  • Promote connectivity in areas like Europe, Asia, and African nations.
  • Connectivity in oceans.
  • Increase and strengthen the partnership in the countries that are along the Belt and Road.
  • To set up multidimensional and composite networks among the countries
  • To promote development that is diversified, balanced and sustainable in the member countries.
  • Facilities connectivity
  • Unimpeded trade
  • Financial integration
  • People-to-people bond
  • Policy coordination In participating countries
Why BRI ?
  • With the help of the Belt and Road initiative, China can take advantage to pursue its core interest in its periphery key where certain geopolitical opportunities lie
  • The rivalry between the two is also a major reason for the initiative. So under this initiative
  • China wants to create a new regional order and replace the American-led liberal international order. China ‘s 80%trade passes through the Malacca strait which is in Singapore and is an ally of the USA.So the BRI will help China develop its safe routes.
  • The BRI will make china a key trade, economic, and political partner of nations on China’s periphery,
  • It will also help China to develop model relations between China and other nations that benefit Beijing and is markedly different from the West.
Way Forward
  • The Belt and Road initiative was announced by China’s President Xi Jinping in 2013.
  • It was known as the One Belt One Road initiative till 2016 post when it is known as BRI.
  • BRI is an investment program that aims at infrastructure development and economic integration of countries along the route of the historic Silk Road.
  • It is transcontinental in its approach and aims at accelerating infrastructure development.
  • The ultimate purpose of the belt and road initiative promotes connectivity in areas like Europe, Asia and African nations.
  • The motivation for BRI is To replace the American-led liberal international order,To tackle the domestic challenges that China will continue to face in the coming years, To take advantage of geopolitical opportunities in its periphery and promote.
Source- The Hindu

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