", He, Baogang. Apache/2.4.18 (Ubuntu) Server at www.iasparliament.com Port 80 The new partners signed a Memorandum of Understanding worth €2.5 billion across an array of sectors such as transport, logistics and port infrastructure. The objectives of the OBOR are as follows: 1. [45] The BRI is considered a strategic element within the foreign policy of the People's Republic of China, and was incorporated into its constitution in 2017. I…. Some commentators have criticized India for not joining BRI: But diplomats based in India have counter-argued that: Geo-Political Challenges Posed by BRI to India: But no matter what the experts say, BRI definitely poses two geopolitical challenges: Your email address will not be published. Therefore, in the Mediterranean area, where the economic zone of the blue banana meets functioning railroad connections and deep-water ports, there are significant growth zones. "Does the Connectivity of the Belt and Road Initiative Contribute to the Economic Growth of the Belt and Road Countries?. "Global shipping and logistic chain reshaped as China’s Belt and Road dreams take off" in Hellenic Shipping News, 4 December 2018. Xi Jinping visited Nur-Sultan, Kazakhstan, and Southeast Asia in September and October 2013, and proposed jointly building a new economic area, the Silk Road Economic Belt (Chinese: 丝绸之路经济带)[66] The "belt" includes countries on the original Silk Road through Central Asia, West Asia, the Middle East, and Europe. The Silk Road Fund would invest in businesses rather than lend money to the projects. According to estimates in 2019, the land route of the Silk Road remains a niche project and the bulk of the Silk Road trade continues to be carried out by sea. [5][6][7], "Belt" is short for the "Silk Road Economic Belt," referring to the proposed overland routes for road and rail transportation through landlocked Central Asia along the famed historical trade routes of the Western Regions; whereas "road" is short for the "21st Century Maritime Silk Road", referring to the Indo-Pacific sea routes through Southeast Asia to South Asia, the Middle East and Africa. The ongoing initiative is part of an intensifying campaign to mobilise high-level attendance at the Belt and Road Forum for International Cooperation (BRF), hosted by China in mid-May. [89] There are also further contacts between Hamburg, Bremen and Trieste with regard to cooperation. [107] Overall, the belt and road plans to develop 1,600 coal plants in 62 countries. P&O Ferrymasters Launches New Intermodal Services Linking Turkey To Rotterdam And Zeebrugge Hubs Via Trieste. [91][92], China COSCO Shipping Corp. has completed several trial trips on Arctic shipping routes, and Chinese and Russian companies are cooperating on oil and gas exploration in the area and to advance comprehensive collaboration on infrastructure construction, tourism and scientific expeditions. [18] The gaping need for long term capital explains why many Asian and Eastern European heads of state "gladly expressed their interest to join this new international financial institution focusing solely on 'real assets' and infrastructure-driven economic growth". [4], The Asian Infrastructure Investment Bank, first proposed in October 2013, is a development bank dedicated to lending for infrastructure projects. The Belt and Road Initiative, also known as the One Belt, One Road (OBOR) project was launched by the Chinese President Xi Jinping in 2013. Vision IAS Current Affairs is Providing One Road One Belt Initiative Pdf For UPSC Exam. ", "Turnbull plays down Belt and Road fears", "Vision And Actions On Jointly Building Silk Road Economic Belt And 21st-Century Maritime Silk Road", "Education Action Plan for the Belt and Road Initiative", "Constructing a Eurasian higher education region: "Points of correspondence" between Russia's Eurasian Economic Union and China's Belt and Road Initiative in Central Asia", "Xi proposes a 'new Silk Road' with Central Asia", "University alliance seeks enhanced education co-op along Silk Road", "University collaboration takes the Silk Road route", "OFNRS – Observer, analyser et conseiller", "Follow the New Silk Road: China's growing trail of think tanks and lobbyists in Europe", "Central Asia in Asia: Charting Growing Transregional Linkages", https://www.researchgate.net/publication/329310641, Chinese Revolution Could Lure Overseas Investment, Official website by Office of the Leading Group for the Belt and Road Initiative, Economic corridor in Greater Mekong Subregion, China-Indochina Peninsula Economic Corridor, New International Land-Sea Trade Corridor, China-Central Asia-West Asia Economic Corridor, Uzbekistan-Tajikistan-China International Highway, China-Kyrgyzstan-Uzbekistan International Highway, Bangladesh, China, India and Myanmar Economic Corridor, Sino-Latin American Production Capacity Cooperation Investment Fund, Special Loan Program for China-Latin America Infrastructure Project, Conference on Interaction and Confidence-Building Measures in Asia, Greater Mekong Subregion Economic Cooperation, Central Asia Regional Economic Cooperation, China-Pacific Island Countries Economic Development and Cooperation Forum, General Secretary of the Communist Party of China, President of the People's Republic of China, Chairman of the Central Military Commission, 2017 re-election as Party general secretary, General Secretary Xi Jinping important speech series, General Secretary Xi Jinping's kindness we never forget, https://en.wikipedia.org/w/index.php?title=Belt_and_Road_Initiative&oldid=1010319695, Articles with dead external links from November 2020, Articles containing Chinese-language text, All Wikipedia articles written in American English, Articles with unsourced statements from November 2020, Articles containing simplified Chinese-language text, Articles which use infobox templates with no data rows, Articles with unsourced statements from January 2021, Wikipedia articles needing clarification from July 2020, Articles lacking reliable references from July 2020, Articles with unsourced statements from February 2020, Articles with specifically marked weasel-worded phrases from December 2020, Articles lacking reliable references from October 2020, All articles with specifically marked weasel-worded phrases, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, Promote economic development and inter-regional connectivity, Another corridor will run from Northern China through Mongolia to the, Chansok, L. (2019): The Belt and Road Initiative and Cambodia's Infrastructure Connectivity Development: A Cambodian Perspective. For China itself, a report from Fitch Ratings doubts Chinese banks' ability to control risks, as they do not have a good record of allocating resources efficiently at home. [42] China has already invested billions of dollars in several South Asian countries like Pakistan, Nepal, Sri Lanka, Bangladesh and Afghanistan to improve their basic infrastructure, with implications for China's trade regime as well as its military influence. [99], Ecological concerns are problematic for many BRI opponents including deforestation along the Pan Borneo Highway – which spans Malaysia, Indonesia and Brunei – which can cause landslides, floods and other disaster mitigation concerns. Which Countries Have Benefited the Most from China's Belt and Road Initiative?. The general stand of African countries sees BRI as a tremendous opportunity for independence from foreign aid and influence. The reasons are primarily due to the cost of container transport. It is also about logistics promotion between the North Adriatic port and Shanghai or Guangdong. As a wealthy country, Singapore does not need massive external financing or technical assistance for domestic infrastructure building, but repeatedly endorsed the BRI and cooperated in related projects in a quest for global relevance and to strengthen economic ties with BRI recipients. To summarise it the ultimate objective of the OBOR will address the infrastructural gap and accelerate potential economic growth across the Asia Pacific regio… The maritime Silk Road is also considered to be particularly attractive for trade because, in contrast to the land-based Silk Road leading through the sparsely populated Central Asia, there are on the one hand far more states on the way to Europe and on the other hand their markets, development opportunities and population numbers are far larger. [39][40][41] Scholars have noted that official PRC media attempts to mask any strategic dimensions of the Belt and Road Initiative as a motivation. Accordingly, the port's annual handling capacity will be increased from 10,000 to 25,000 trains in Trieste (Trihub project) and a reciprocal platform to promote and handle trade between Europe and China will be created. They had been critical of the lack of transparency with which many of the BRI projects were negotiated with governments. Wolf D. Hartmann, Wolfgang Maennig, Run Wang: Chinas neue Seidenstraße. The Belt and Road Initiative (BRI, or B&R[1]), known in Chinese and formerly in English as One Belt One Road (Chinese: 一带一路) or OBOR for short, is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 70 countries and international organizations. The Belt and Road Initiative (BRI, or B&R), known in Chinese and formerly in English as One Belt One Road (Chinese: 一带一路) or OBOR for short, is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 70 countries and international organizations. The Belt and Road Initiative now refers to the entire geographical area of the historic "Silk Road" trade route, which has been continuously used in antiquity. This concerns the networked nature of financial centers and the vital role of advanced business services (e.g. Portugal glaubt an die Seidenstrasse in Neue Zürcher Zeitung 6 December 2018. Venice, the historically important European endpoint of the maritime Silk Road, has less and less commercial importance today due to the shallow depth or silting of its port. "Trieste, ex Aquila venduta all'ungherese Adria Port", Matteo Bressan: Opportunities and challenges for BRI in Europe in Global Time, 2 April 2019; Andreas Deutsch: Verlagerungseffekte im containerbasierten Hinterlandverkehr (2014), p 143; Johnny Erling: Peking streckt die Hand nach italienischen Häfen aus, "Logistica, il colosso Duisport acquisisce il 15% delle quote dell'Interporto di Trieste". "China’s Belt and Road Initiative and Japan’s Response: from Non-participation to Conditional Engagement. China’s trade war with the US, mounting criticism of its BRI, and growing division in its Political Bureau on handling these issues. The development of new ports, industrial hubs, special economic zones and military facilities, under Beijing’s auspices. In March 2019, Italy was the first member of the Group of Seven nations to join the BRI. Besides a zone largely analogous to the historical Silk Road, an expansion includes South Asia and Southeast Asia. Kohli, Harinder S., Johannes F. Linn, and Leo M. Zucker, eds. Loans are backed by collateral such as rights to a mine, a port or money. "The political economy of a rising China in Southeast Asia: Malaysia’s response to the Belt and Road Initiative.". [71] As with the Silk Road Economic Belt initiative, most member countries have joined the Asian Infrastructure Investment Bank. [117], Government officials in India have repeatedly objected to China's Belt and Road Initiative, specifically because they believe the "China–Pakistan Economic Corridor" (CPEC) project ignores New Delhi's essential concerns on sovereignty and territorial integrity. China has emerged as one of the fastest-growing sources of Foreign Direct Investment (FDI) into India – it was the 17th largest in 2016, up from the 28th rank in 2014 and 35th in 2011, according to India's official ranking of FDI inflows. [90], In addition to the Maritime Silk Road, Russia and China are reported to have agreed to jointly build an 'Ice Silk Road' along the Northern Sea Route in the Arctic, along a maritime route which Russia considers part of its territorial waters. [52], The COVID-19 pandemic has stopped work on some projects, while some have been scrapped; focus has been brought on projects that were already of questionable economic viability before the pandemic. Since 2017, India, the U.S. and other countries have raised many concerns over the project. [103] Glacier melting as a result of excess greenhouse gas emissions, endangered species preservation, desertification and soil erosion as a result of overgrazing and over farming, mining practices, water resource management, and air and water pollution as a result of poorly planned infrastructure projects are some of the ongoing concerns as they relate to Central Asian nations. What is the rationale? [119][better source needed] The idea of debt trap diplomacy was created by an Indian Think Tank before being expanded on by papers by two Harvard Students, which gained media attention. "Financing the Belt and Road Initiative (BRI): Research agendas beyond the “debt-trap” discourse. Belt and Road Initiative BRI Project | UPSC – IAS The Belt and Road Initiative is a global development strategy adopted by the Chinese government involving infrastructure development and investments in 152 countries and international organizations in Asia, … [128], South Korea has tried to develop the "Eurasia Initiative" (EAI) as its own vision for an east–west connection. ", Vakulchuk, Roman and Indra Overland (2019): China's Belt and Road Initiative through the Lens of Central Asia, in Fanny M. Cheung and Ying-yi Hong (eds), Winter, Tim. In calling for a revival of the ancient Silk Road, the main goal of President Park Geun-hye was to encourage a flow of economic, political, and social interaction from Europe through the Korean Peninsula. [4] In particular, the African continent owes an estimated $145 billion, much of which involves BRI projects, with $8bn falling due in 2020. [115], The United States proposes a counter-initiative called the "Free and Open Indo-Pacific strategy" (FOIP). Frankfurt am Main 2017, S. 59; Chinesen wollen verstärkt im Hafen Triest investieren, In: Kleine Zeitung 16 May 2017; Marco Kauffmann Bossart: Chinas Seidenstrasse-Initiative bringt Griechenland Investitionen und Jobs. It is also one of the largest investors in the project. ", Shah, Abdur Rehman. If any of the debtors encounter difficulties to pay on time, there may be tailored plans including rescheduling or China increasing funding to help related projects resume operation and return profits and suggested repayments could be solved “. Our website gives you Current Affairs in both Hindi and English language. By James Laurenceson and Elena Collinson. "The Belt and Road is Overhyped, Commercially. India must focus on debating the specific terms of individual projects rather than having to say “Yes” or “No” to the BRI as a whole. "[125] He said Chinese financiers set "tough conditions that can only be accepted by mad people," because his government was asked to give them a guarantee of 33 years and an extensive lease of 99 years on a port construction. ", "What One Belt One Road means for Bangladesh", "The Geo-Economic Challenge of China's Belt and Road Initiative", "BRI Instead of OBOR – China Edits the English Name of its Most Ambitious International Project", "Australia rejects China push on Silk Road strategy", "China's Global Dreams Give Its Neighbors Nightmares", "China and Russia Want to Control the 'World Island, "Mapping the footprint of Belt and Road influence operations", "Vision and Actions on Jointly Building Silk Road Economic Belt and 21st-Century Maritime Silk Road", "AIIB Turns 3, Reflects on Startup Growth – News – AIIB", "Commentary: Silk Road Fund's 1st investment makes China's words into practice", Fitch warns on expected returns from One Belt, One Road, "Trade and trade facilitation along the Belt and Road Initiative corridors", "China to step up Russian debt financing", "Vision and Actions on Jointly Building Belt and Road", "CPEC investment pushed from $55b to $62b – The Express Tribune", "China's Xi in Pakistan to cement huge infrastructure projects, submarine sales", "With a new Chinese loan, CPEC is now worth $57bn", "Economic corridor: Chinese official sets record straight", "CPEC takes a step forward as violence surges in Balochistan", "Xi Jinping Calls For Regional Cooperation Via New Silk Road", "Integrating #Kazakhstan Nurly Zhol, China's Silk Road economic belt will benefit all, officials say", "Sri Lanka Supports China's Initiative of a 21st Century Maritime Silk Route", "China Pushes 'Maritime Silk Road' in South, Southeast Asia", "Reflections on Maritime Partnership: Building the 21st Century Maritime Silk Road", "Xi in call for building of new 'maritime silk road, Italy wants to invest in a faster train connection from Trieste to Venice. The partner countries will benefit as this will lead to an inflow of billions of dollars in loans for projects. ... ... 6, Ground floor, Near Salwan School Gate No 2, Old Rajinder Nagar, New Delhi, Delhi 110060 ", Jones, Lee, and Jinghan Zeng. ", "China unveils action plan on Belt and Road Initiative", "CrowdReviews Partnered with Strategic Marketing & Exhibitions to Announce: One Belt, One Road Forum", "Explained: What is the Blue Dot network, on the table during Trump visit to India", "What is the Blue Dot Network and is it really the West's response to China's Belt and Road project? The development of port infrastructure and increasing shipping associated with the maritime Belt and Road Initiative could impact sensitive species and marine habitats like coral reefs, mangroves, seagrass meadows and saltmarsh. Due to the attractiveness of this now subsidized sea route and the related investments, there have been major shifts in the logistics chains of the shipping sector in recent years. It brings together the environmental expertise of all partners to ensure that the Belt and Road brings long-term green and sustainable development to all concerned countries in support of the 2030 Agenda for Sustainable Development.[108][109][110]. In News- Recently, China hinted at a shift in pursuing its signature Belt and Road Initiative (BRI) amid growing concerns about debt repayments from many partner countries due to COVID-19 pandemic. [104], Tabuchi indicates China's energy companies will make up nearly half of the new coal plant generation expected to go online in the next decade. ", "Advancing Democracy in the US Free and Open Indo-Pacific Strategy", "Ministry of US Defense. BRI's goals include internal state-building and stabilisation of ethnic unrest for its vast inland western regions such as Xinjiang and Yunnan, linking these less developed regions, with increased flows of international trade facilitating closer economic integration with China's inland core. To help British parliamentarians gain a greater understanding of the Belt and Road Initiative (BRI) and China-Pakistan Economic Corridor (CPEC) projects, and provide a platform for UK business to engage in BRI and CPEC projects and explore any opportunities. [8] It would increase cultural exchanges and expand trade. [133][134], Along with policy coordination, facilities connectivity, unimpeded trade and financial integration, people-to-people bonds are among the five major goals of BRI. ", Sidaway, James D., Simon C. Rowedder, Chih Yuan Woon, Weiqiang Lin and Vattana Pholsena. [58] Since the second Belt and Road Forum in 2019, BCIM has been dropped from the list of projects due to India's refusal to participate in the Belt and Road Initiative. Facilitate cultural exchange and integration 3. [4], The Belt and Road Initiative is about improving the physical infrastructure through land corridors that roughly equate to the old Silk Road. By this India will isolate itself amidst the apparently growing international support for the ambitious project. Porto off limits per le navi cinesi in TGR Veneto (RAI), 16 January 2020. "[9] The project has a target completion date of 2049,[10] which will coincide with the centennial anniversary of the People's Republic of China's founding. "China's Belt and Road Initiative: The Way to the Modern Silk Road and the Perils of Overdependence. [4] Critics use the term debt trap diplomacy to claim China intentionally extends excessive credit to a debtor country with the alleged intention of extracting economic or political concessions from the debtor country when it becomes unable to honor its debt obligations (often asset-based lending, with assets including infrastructure). China will be the single largest stakeholder, holding 26.63% of voting rights. Italy in Belt and Road Initiative Why in news? [35][36] However, "One Belt One Road" is still the reference term in Chinese-language media.[37]. ", Liu, Hong, and Guanie Lim. Furthermore, there is a strategic defensive factor: making sure a single country is not the single dominant factor in Asian economics. "[17] The Belt and Road Initiative addresses an "infrastructure gap" and thus has the potential to accelerate economic growth across the Asia Pacific, Africa and Central and Eastern Europe. In January 2019 French president Emmanuel Macron said: "the ancient Silk Roads were never just Chinese … New roads cannot go just one way. Vision IAS Current Affairs ... from our website. Andrea Rossini: Venezia, si incaglia la via della Seta. [94][unreliable source? During the 2nd Belt and Road Forum for International Cooperation (in April 2019), the Belt and Road Initiative International Green Development Coalition (BRIGC) was launched. The Chinese leadership was compelled to review the Belt and Road Initiative (BRI) because of the following reasons.
Doc And Tom Lake Fishing, Wharton High School Niche, Impaired Skin Integrity Care Plan, Jivaro Media Reviews, Maddy Name Meaning In Telugu,