AS PART of the celebrations to mark completion of ten years of the historic Belt and Road Initiative (BRI), China is hosting a mega event in Beijing to showcase achievements of the widely-acclaimed vision of President Xi Jinping and its vast potential to accelerate the pace of socio-economic progress in almost all continents of the globe. The third Belt and Road Forum for International Cooperation would be held in the Chinese capital on October 17 and 18, which will be attended by leaders from 130 countries and 30 international organizations.
Pakistan, which is considered to be the living example of the success of the flagship project of the BRI – China-Pakistan Economic Corridor (CPEC) – would be effectively represented by Prime Minister Anwar-ul-Haq Kakar. The visit would provide him an opportunity for an indepth exchange of views with the Chinese leadership on ways and means to take the bilateral cooperation to new heights to the mutual advantage of the people of the two countries.
The Chinese President, who launched the initiative in 2013 as part of his vision of shared prosperity, would deliver a key-note address at the forum, which is being held under the theme “High Quality Belt and Road Initiative: Together for Common Development and Prosperity”. The event would feature three high-level forums on connectivity, green development, and digital economy, as well as six seminars.
The two-day Forum has special significance as it will have in-person participation by a large number of delegates from different parts of the world as no Forum could be held after 2019 due to concerns and precautions arising out of Covid-19. The Forum also assumes importance as it would be held weeks after announcement of some countries about the launch of a new India-Middle East-Europe Corridor. It might take years for the new plan to lift off because of political, economic and geographic constraints but through their hard work, commitment and dedication, Chinese have already demonstrated to the world that the BRI has the potential to change the entire landscape of world. In fact, the Belt and Road Initiative (BRI) grows from China but serves the world as over the past decade, an open China has joined hands with more and more partners for a better world. Some international observers comment that no country in history has ever tried to roll out policies to build economic ties among so many countries across various continents.
The success of the Chinese initiative lies in the meticulous planning, lining up of necessary finances and fast-track implementation of the mutually identified projects with partner countries. BRI is not a paper dream as Pakistan is already reaping benefits of the projects completed under the Early Harvest programme of the CPEC. Propaganda by internal and external elements notwithstanding, the fact remains and there is universal consensus in Pakistan that the CPEC has helped accelerate the pace of socio-economic development in the country, especially in the realm of energy sector where Pakistan now has enough generation capacity to meet its growing power needs for years– thanks to completion of a number of energy projects with the cooperation of China. Similarly, connectivity has also improved a lot due to world class highways and motorways and modernization of ports and the two countries have entered into an understanding to expand their cooperation under the framework of the CPEC. Implementation of various development projects would help make Gwadar deep seaport a hub of regional trade and investment, while establishment of several industrial zones and modernization of the railway infrastructure under the famous ML-I project would expedite the pace of economic development and create enormous employment opportunities for people nearest to their homes. Agriculture is the backbone of Pakistan’s economy but the country could not exploit its proper potential because of financial and other constraints. It augurs well for the sector that China has expressed its willingness to extend necessary cooperation for modernization of agriculture and meaningfully increase yields of various crops.
No doubt, Pakistan is the principal beneficiary of the BRI but it is not the only country to benefit as China has so far signed cooperation agreements with 152 nations of the globe and 32 international organizations, which is a clear testimony of the acceptability and viability of this global connectivity and development initiative. The BRI has galvanized nearly USD 01 trillion of investment, launched more than 3,000 cooperation projects, and created an array of national landmarks, livelihood projects and milestones of cooperation.
The BRI has witnessed substantial trade and investment since its inception. Data shows that from 2013 to 2022, the cumulative value of imports and exports between China and BRI partner countries reached $19.1 trillion, boasting an average annual growth rate of 6.4 percent. Additionally, cumulative two-way investment between China and partner countries amounted to $380 billion, including $240 billion from China.
Analysts argue and rightly so that the BRI was welcomed by various countries as, unlike some other influential and powerful countries, Chinese never insisted on one development model for all countries but emphasized that each country should chose its own development path according to its national conditions. Secondly, Chinese, who are work alcoholic, believed in fast-track completion of the agreed projects and as a result these are accomplished not only in the specified timeframe but also without cost escalation, which is a major problem for many countries. It is, therefore, rightly said that the BRI has enhanced the voice of developing countries and emerging economies in regional and global economic governance, and is of great significance to global governance reforms. As an open platform for cooperation, the BRI aims to build a fair, equitable and transparent system of international trade and investment rules, and make economic globalization more open, inclusive, balanced and beneficial to all. The effective operation of the Asian Infrastructure Investment Bank, the Belt and Road Special Lending Scheme, the Silk Road Fund, Silk Road theme bonds, and other new instruments will help ease the problem of inaccessible and expensive financing.
Another aspect of the Belt and Road cooperation is innovation as China has not only integrated itself into the global scientific and technological innovation network, but also helped spread the fruits of innovation to more countries and peoples. China has carried out extensive cooperation with partner countries in smart cities, mobile payment, cross-border e-commerce and other areas of digital economy, and supported them in establishing and improving technology markets. China has set up the Technology Transfer South-South Cooperation Center with the United Nations Development Program, promoted cooperation among higher education institutions and research institutes, and helped partner countries cultivate future innovators.
At a time when the world is sharply divided on some issues like the latest conflict in Gaza and the Ukraine war, the Forum would enable the leadership of the participating countries to have formal and informal exchanges on regional and global issues as well as options to forge development partnership. It will offer a platform to address common challenges like climate change, poverty, and healthcare, promoting joint efforts and knowledge sharing.
For Pakistan, which has established a Special Investment Facilitation Council (SIFC) to attract investment, the Forum presents a unique opportunity of interaction not only with the Chinese leadership but also with delegates of other countries. The Foreign Office and Pakistan Embassy in Beijing have a special responsibility to line up meetings of the Prime Minister and the accompanying Ministers with leaders of the countries of special interest to Pakistan.
As for CPEC, Pakistan and China have moved ahead in different areas but as pointed out recently by Minister for Privatization Fawad Hasan Fawad, the country could not exploit the real potential of the initiative because of its internal weaknesses and lack of necessary commitment. It is hoped that the factors behind this phenomenon would be addressed squarely, clearing the way for reactivation of all dormant projects and programmes and expansion of the scope of the CPEC to include more areas with potential to accelerate the pace of socio-economic development.
There are reports that China and many other participating countries would sign agreements and MoUs on the sidelines of the Beijing Forum and it is hoped groundwork would be done to sign similar agreements between Islamabad and Beijing with clear timelines for their completion.
