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The Belt and Road Forum for International Cooperation (BRF) held in Beijing, China, mid last month was an eye opener to progressive international co-operation.
The forum proved that China is committed to ensuring free and inclusive trade, not only for its benefit, but for the uplifting of the world economy. The massive forum was attended by 29 Heads of State and Government from across the world, as well as leaders of key international organisations. The outcome of the forum is set to change how the world conducts its business, emphasising how influential China has become in international affairs.
The list of deliverables from the forum is comprehensive, comprising 76 items and over 270 concrete results in five key areas. The key areas are policy, infrastructure, trade, financial and people-to-people connectivity.
The Silk Road Economic Belt and the 21st-century Maritime Silk Road, also known as the Belt and Road Initiative or the Belt and Road was proposed by the Chinese President and unveiled in 2013.
It focuses on connectivity and cooperation between China and other countries following the traditional routes of trade and cooperation that have existed for centuries.
The initiative links China with all other continents, as the Asian country exerts its influence in global affairs and its desire to ensure win-win cooperation in inter-state relations.
The important cooperation initiative is meant to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road. To date, steady progress and fruitful results have been achieved in the implementation of the initiative and the international community has welcomed it and its positive impact.
The forum held in Beijing is a major international event for countries and parties concerned to engage in consultation on building the Belt and Road and sharing the benefits. It is also an important platform for the participating parties to strengthen cooperation and synergise their development strategies.
Before and during the BRF, national governments, local authorities and enterprises reached a number of cooperation agreements, policy measures and practical results.
Through the initiative, China wants to ensure that growth in the world economy is based on common good and that it benefits all. The initiative has already yielded positive results. According to Chinese news agency, Xinhua, at least 68 countries and international organisations have so far signed agreements with China on Belt and Road cooperation.
The total trade between China and other Belt and Road countries exceeded $3 trillion between 2014 and 2016, and Chinese investment in these countries surpassed $50 billion.
A multi-dimensional infrastructure network is taking shape, one that is underpinned by economic corridors featuring land-sea-air transportation routes and information expressways and supported by major rail, port and pipeline projects.
It is clear that the Belt and Road is set to bring win-win results in the world, and in the process lift millions of people out of poverty, raise living standards and connect the world in a way never before seen.
The initiative has been most welcome by enterprises throughout the world which view it as an opportunity to build a trade and infrastructure network connecting Asia with Europe and Africa, along and beyond the ancient trade routes.
President Xi made it clear at the forum that the Belt and Road Initiative does not exclude or target any party, and we need to seek win-win results through greater openness and cooperation, avoid fragmentation, refrain from setting inhibitive thresholds for cooperation or pursing exclusive arrangements, and reject protectionism.
This reasoning is set to transform how countries treat each other for the mutual benefit of all.
Xinhua quoted Ignacio Martinez Cortes, head of the Research Laboratory for Trade, Economy and Business, as saying the BRF strengthened international trade ties and sought new channels of distributing goods to bring about mutual benefit for all.
“The initiative is the gateway to international free trade and sustainable development, and also more focused on investment, infrastructure and development, instead of just on trade,” he said.
Let’s have a brief look at the deliverables of the BRF forum.
Under synergise connectivity of development policies and strategies, China signed several memoranda of understanding with many countries and international organisations such as the United Nations Development Programme, the United Nations Industrial Development Organisation and the United Nations Human Settlements Programme.
The Asian country signed various cooperation agreements to deepen project cooperation for infrastructure connectivity.
These included agreements on international transportation and strategy coordination and on peaceful use of nuclear energy.
Agreements were also signed to expand industrial investment and enhance trade connectivity with many of the governments and organisations represented at the forum.
The Asian country signed economic and trade cooperation agreements with 30 countries at the forum and jointly issued the Initiative on Promoting Unimpeded Trade Cooperation along the Belt and Road in coloration with more than 60 countries and international organisations.
One of the important deliverables of the forum was for enhancing financial cooperation and promoting financial connectivity.
Under this initiative, the Silk Road Fund was expanded by RMB 100 billion ($14,5 billion).
China said it will encourage financial institutions to conduct Overseas Fund Business in RMB, with the estimated amount of about RMB 300 billion ($43,5 billion), providing financing support for the Belt and Road Initiative.
Many other measures in development cooperation were outlined in agreements signed with various countries and organisations to enhance financial cooperation.
Another important deliverable was to invest more in people’s livelihood and deepen people-to-people exchange.
China said it will increase its assistance to developing countries along the Belt and Road and help with emergency food aid.
The Asian country will provide $1 billion to the South-South Cooperation Assistance Fund to initiate the China and United Nations 2030 Agenda for Sustainable Development Cooperation Initiative.
It will also support the implementation of 100 Happy Home Projects, 100 Anti-Poverty Projects, 100 Health Recovery Projects and other projects in the relevant countries.
China will provide relevant international organisations with $1 billion to jointly promote the implementation of international cooperation projects benefiting the countries on the Belt and Road, including 100 Refugee Assistance Projects covering food, tents and portable houses.
The country will also set up Refugee Scholarships, providing 500 refugee youngsters with education opportunities and financial support to 100 refugee athletes to participate in regional or international games.
A number of cultural exchange agreements were signed while the Chinese government signed assistance agreements with various United Nations agencies, setting the stage for more humanitarian assistance to the world.
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