The 3rd BRI Forum for International Cooperation is going to be commenced on October 17-18 in Beijing. According to the Chinese Foreign Ministry, more than 140 countries and 30 international organizations are going to participate in it which clearly demonstrates the Belt and Road’s strategic importance in term of socioeconomic development and trans-regional connectivity.
According to organizers there will be three high-level forums on connectivity, green development and the digital economy in the 3rd BRF. It has also many thematic sub-forums on trade connectivity, people-to-people communication, think tank exchanges, a clean Silk Road, subnational cooperation and maritime cooperation which show its global utility comprising of development, diversification and digitalization.
In this connection, the most recently published BRI’s White Paper reconfirms its important role in international cooperation covering all areas of geo-economics, connectivity and human capital growth through close policy liaison, infrastructure development, beneficial trade system, and closer people-to-people exchanges. Moreover, it mitigated global development economic challenges and improved the global governance system.
It opened human/people’s friendly path aimed to achieve the desired goals of modernization, qualitative industrialization and digitalization which has now become its biggest achievements. It ensured real formation of a global community of shared future which should be appreciated.
The BRI effectively reduced ratios of poverty and generated new jobs approximately 420,000 in the member countries. The World Bank has estimated that by 2030, BRI related investments could lift 7.6 million out of extreme poverty and 32 million out of moderate poverty in the last ten years.
Since its inception in 2013 by the Chinese president Xi Jiping, the BRI has been successfully pursuing the concepts of international cooperation through rigorous development, digitalization, infrastructure, financial integration, and connectivity among all the member countries. Now it has become symbol of openness, modernization, inclusiveness, qualitative industrialization and holds spirits of internationalism and multiculturalism. Even the UN 2030 Agenda for Sustainable Development shows resonates with BRI agenda of development which has further enhanced its global recognition.
According to policy makers of China more than 200 BRI cooperation agreements with more than 150 countries and 30 international organizations by June 2023 have been signed confirming its global economic acceptability.
Moreover, the 193 UN member states consensuses to incorporate the BRI in the UN resolution shows its global adequacy as an ideal platform for just a global development.
Undoubtedly, the BRI is an ideal combination of hard connectivity (land roads and sea routes) and the soft connectivity (education, culture, sports, tourism, and archaeology) the BRI has built a vast network of cooperation with the member countries and across the globe.
The National Development and Reform Commission shares that China’s total imports and exports with countries involved in the BRI reached $19.1 trillion in the 2013-2022 periods, registering an average annual growth rate of 6.4 percent has once again confirmed its huge trade potential.
Moreover, two-way investment between China and BRI member countries totaled more than $380 billion between 2013 and 2022, among which China’s outward direct investment exceeded $240 billion also highlights its investment potential.
The member countries actively invested in China and shared China’s development opportunities, with a cumulative total of more than $140 billion invested in China over the past decade and close to 67,000 new enterprises set up in China.
Interestingly, it consolidates drives of poverty eradication through narrowing of wealth disparity and boosts effective global governance. It has produced tangible benefits which has indeed been constantly on the rise and increasingly self-evident. Now it has entered into next phase of high-quality development which will be further enhanced through more coordinated growth in all the member countries and the world.
Moreover, according to the World Bank, once completed, the BRI could lessen travel times along economic corridors by 12 percent, augment trade between 2.7 percent and 9.7 percent, raise incomes by up to 3.4 percent and alleviate 7.6 million people out of extreme poverty.
According to the Chinese International Development Cooperation Agency (CIDCA) the BRI has so far completed over 3,000 projects in the last ten years. This expansive effort has garnered support from more than 180 countries and international organizations which is a good omen for the regional as well as international economy.
The Chinese Embassy Islamabad has also reconfirmed that the CPEC in the last decade has brought a total of $25.4 billion in direct investment, 155,000 direct jobs, 510 kilometers of expressways, 8,200 megawatts of power capacity and 886 kilometers of core power transmission grid to Pakistan, injecting strong momentum into Pakistan’s economic and social development.
It is of the view that China’s spirit of extensive consultation, joint contribution and shared benefits would further promote policies of Global Development Initiative, Global Security Initiative and Global Civilizational Initiative with Pakistan, providing more stability and positive energy to regional and world peace and development.
The BRI has promoted the spirit of extensive consultation and shared benefits, which has disseminated the true colors of open, green and clean cooperation, and pursued the goals of high-standard, people-centered and sustainable development among participating countries.
According to a report by the World Bank, the BRI has increased the trade of participating parties by 4.1 percent, attracted 5 percent more foreign investment, and increased the GDP of low-income countries by 3.4 percent. Thus, it has served as a new model of global development that is productive and prosperous.
The BRI has enhanced the role of developing countries and emerging economies in regional and global economic governance and strengthened the concept of the Global South.
Hopefully, the 3rd BRF will further enhance trans-regional connectivity, food security, agriculture cooperation, green energy coordination and digitalization. In addition to this it will also increase international cooperation in e-commerce, disaster management, global warming and human capital development in the next decade.
In summary, it is predicted that the 3rd BRI forum will further increase role in international cooperation, economic globalization, global governance, investments, innovations, integrated transport systems (rails, ports, bridges etc.). It will be the biggest source of trans-regional connectivity and global development in the days to come. The last decade of the BRI is dominated by the Xi’s initiates of Global South and The Chinese Global Development with Shared Future and hopefully the next decade will belong to his Global Development, Security and Civilizational Initiatives and will play contributory role in the further development of BRI in the world.
Last but not least, BRI will further stimulate the member countries’ economies and communities in the next decade through Green Revolution and Smart Living. Through better skill and technical education the ratios of poverty will be further slashed. The enhanced socio-economic development in the member countries will further generate new jobs.
In case of Pakistan which has BRI’s one of the biggest flagship project in shape of CPEC will initiate its Phase-II gearing new momentum to its economy, industry and community in the days to come. Inclusion of green technologies (blue/green hydrogen power generation) and building of project of lithium batteries and EVs would be game changer in the country.
