Collective growth at regional levels
REGIONAL cooperation is of paramount importance, indeed, especially in these times of collaboration and cooperation.
There is a need for fostering alliances with regional countries in the fields of technology, research, economy, education, and military, among others to create a level playing field.
While the conflicts and tussles – at the ideological levels and the political domain – shall remain, the countries need to find a common line to work on.
The case of the China-Pakistan Economic Corridor (CPEC) can be studied to identify how a country brings together regional players to develop a project that provides socio-economic benefits. Reports suggested that Europe has been working on a regional project similar to that of the CPEC.
It is said that the European Union’s foreign ministers are pursuing an infrastructure plan to be working at the global level.
It will connect Europe with the world. To what extent will it make an impact against China’s Belt and Road Initiative (BRI) is yet to be seen.
According to Heiko Maas, German Foreign Minister, “We see China using economic and financial means to increase its political influence everywhere in the world.
It’s useless moaning about this, we must offer alternatives.” Furthermore, Brussels also signed a deal with Japan and India.
The Asian nations will be connected to Europe with regards to projects of transport and energy.
Where collaborations and collaborative forces are working in unison, we will also find forces that are competitive and find alternates to overshadow such initiatives.
The EU’s infrastructure plan is a direct competitor to CPEC and BRI. EU’s infrastructural project is being termed as a “connectivity” plan set to be launched in 2022.
In comparison to the EU’s infrastructure plan, the BRI comprises 40 countries from Sub-Saharan Africa, 34 countries from Europe and Central Asia, 24 countries from East Asia and Pacific, 17 countries from the Middle East and North America, 19 countries from Latin America and the Caribbean and 6 countries from South East Asia.
Time will tell how many countries the European Union manages to include in its plan. Interestingly, the EU and the G7 would need to tackle European countries that are already a part of the BRI.
Will the G7 compel them to switch sides and become members of the EU’s plan or will they be a part of both projects—led by the EU and China?
Recently, Pakistan signed a memorandum of understanding with the Ural region in Russia to boost bilateral cooperation.
Moreover, to address cross-regional cooperation in shaping a resilient economic recovery, joint efforts are endeavoured and envisioned by the Parliamentary Assembly of the Mediterranean (PAM) and the Parliamentary Assembly of the Turkic-Speaking Countries (TURKPA).
More recently, the Ural Chamber of Commerce and Industry and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) signed a memorandum of understanding to pursue economic and trade cooperation.
Furthermore, to bolster trade relations, the All Pakistan Textile Mills Association (APTMA) has proposed to the Kazakhstani government to ink a memorandum of understanding to reinforce bilateral relations.
Such steps will instil investor confidence, develop the socio-economic areas of the region, and provide countries of these regions with opportunities to progress by creating job opportunities and uplifting their respective sectors.
— The writer is contributing columnist, based in Karachi.
