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The joint communiqué issued by world leaders after the Belt and Road Forum for International Cooperation (BRF) in Beijing mid-last month, contains the panacea t a just world economic order. The communiqué summaries the proceedings and the outcome of the important meeting that was attended by 29 Heads of State and Government, as well as key leaders of international organisations.The recognition by the world leaders that the world economy is undergoing profound changes which have presented both opportunities and challenges should be a wake-up call for a new economic order. It is time States pull in the same direction when it comes to dealing with the economic issues that afflict the world, and the BRF showed this can be achieved.
The forum’s recognition for win-win economic cooperation can provide answers to some of the issues that the world is grappling with.
It is time for mutual cooperation that benefits all, instead of the exploitative relationship that has been credited for some of the problems, especially those affecting smaller nations.
In the communiqué, the world leaders made it clear that “this is an era of opportunity, where countries continue to aspire for peace, development and cooperation”.
According to the communiqué, the leaders welcomed “bilateral, triangular, regional and multilateral cooperation where countries place emphasis on eradicating poverty, creating jobs, addressing the consequences of international financial crises, promoting sustainable development, and advancing market-based industrial transformation and economic diversification”.
They recognised that the world faces challenges. The growth of global trade and investment remains tampered, and the rules-based multilateral trading regime is yet to be strengthened, the world leaders noted. “All countries, especially developing ones, still face common challenges of eradicating poverty, promoting inclusive and sustained economic growth, and achieving sustainable development,” the leaders said.
It is important that the leaders at the forum placed the Silk Road Economic Belt and the 21st Century Maritime Silk Road (The Belt and Road Initiative) at the centre of creating opportunities amid those challenges. The initiative, a brainchild of Chinese President Xi Jinping, is meant to enhance connectivity between Asia and Europe, and other regions such as Africa and South America.
The initiative seeks to provide important opportunities for countries to deepen cooperation and it has achieved positive outcomes since its launch in 2013.
There is so much potential to deliver more benefits as the important international initiative takes shape and refocuses the world towards beneficial cooperation.
In their communiqué, the leaders at the forum emphasised the opportunities which can be created by communication and coordination among other global, regional and national frameworks and initiatives for promoting cooperation in connectivity and sustainable development.
This can be achieved through win-win cooperation among States and with developmental agencies.
Taking seriously inter-State and intra-State initiatives can also result in more cooperation that is beneficial to the majority, leading to the reduction of poverty.
The world leaders pledged to stand for enhancing international cooperation including the Belt and Road Initiative and various development strategies, by building closer collaboration partnerships, which include advancing North-South, South-South, and triangular cooperation.
The importance of expanding economic growth, trade and investment based on level-playing field, on market rules and on universally recognised international norms was noted.
The forum touched on important issues like the promotion of industrial cooperation, scientific and technological innovation, and regional economic cooperation and integration to increase, inter alia, the integration and participation of micro, small and medium enterprises in global value chains. The value that came out of the forum as the strengthening of physical, institutional and people-to-people connectivity among all countries.
“We endeavour to expand people-to-people exchanges, promote peace, justice, social cohesion, inclusiveness, democracy, good governance, the rule of law, human rights, gender equality and women empowerment; work together to fight against corruption and bribery in all their forms; to be more responsive to all the needs of those in vulnerable situations such as, children, persons with disabilities and older persons; and help improve global economic governance, and ensure equal access by all to development opportunities and benefits,” said the leaders.
The leaders at the forum made it clear they were determined to protect the planet from degradation, including through taking urgent action on climate change and encouraging all parties which have ratified it to fully implement the Paris Agreement.
With China at the forefront in seeking a peaceful world, the BRF agreed to uphold the spirit of peace, cooperation, openness, transparency, inclusiveness, equality, mutual learning, mutual benefit and mutual respect by strengthening cooperation on the basis of extensive consultation and the rule of law, joint efforts, shared benefits and equal opportunities for all. This can only be achieved if there is mutual cooperation and equal treatment of nations.
As a result, the world leaders pledged to consult each other on an equal footing and respecting the UN Charter and international law, including sovereignty and territorial integrity of countries.
The principles of cooperation emphasised the world leaders included (a) Mutual benefit: where countries seek convergence of interests and the broadest common ground for cooperation, taking into account the perspectives of different stakeholders.
(b) Harmony and inclusiveness: Acknowledging the natural and cultural diversity of the world and recognising that all cultures and civilisations can contribute to sustainable development.
(c) Market-based operation: Recognising the role of the market and that of business as key players, while ensuring that the government performs its proper role and highlighting the importance of open, transparent, and non-discriminatory procurement procedures.
(d) Balance and sustainability: Emphasising the importance of economic, social, fiscal, financial and environmental sustainability of projects, and of promoting high environmental standards, while striking a good balance among economic growth, social progress and environmental protection.
According to the communique, the world leaders also affirmed the need to prioritise policy consultation, trade promotion, infrastructure connectivity, financial cooperation and people-to-people exchanges. Under this initiative, the forum agreed to pursue dialogue and consult in order to build synergies in development strategies among participating countries, noting the efforts to strengthen cooperation in coordinating development of the Belt and Road Initiative with other plans and initiatives to promote partnerships among Europe, Asia, South America, Africa and other regions.
In-depth consultation on macroeconomic issues by optimising the existing multilateral and bilateral cooperation and dialogue mechanisms was also seen as important. The leaders also pledged to strengthen cooperation on innovation, by supporting innovation action plans for e-commerce, digital economy, smart cities and science and technology parks, and by encouraging greater exchanges on innovation and business start-up models in the Internet age in respect of intellectual property rights. Promoting of peace, mutually-beneficial cooperation, and honouring the purposes and principles of the UN Charter and international law should be a shared responsibilities.
Practical cooperation on roads, railways, ports, maritime and inland water transport, aviation, energy pipelines, electricity, fibre optic including trans-oceanic cable, telecommunications and information and communication technology will be promoted.
The leaders said their vision was to ensure the Belt and Road Initiative achieved complementarities with other connectivity initiatives to provide new opportunities and impetus for international cooperation.
Promoting of peace, mutually-beneficial cooperation, and honouring the purposes and principles of the UN Charter and international law should be a shared responsibilities.
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