US Firms 'Ready' to Get On China's Silk Road Project

18 May, 2017, 10:09 | Author: Glen Fletcher
  • CPEC integral part of One Belt One Road PM Nawaz

Here are five things to watch for next with the belt and road plan. Discussions focused on China's New Silk Road trade project - an initiative to create new trading routes across parts of the developing world.

"Rising nationalism has made Indian public opinion extremely sensitive on China-related issues", the editorial describes India's current situation regarding relations with the neighbouring state.

He repeated his call for multilateral trade, describing his initiative as a force for peace in "a world fraught with challenges".

India gave the two-day mega Belt and Road conference a miss, raising objection to the CPEC corridor which passes through Gilgit-Baltistan in Pakistan-administered Kashmir that New Delhi claims as its own. From ports to railways, these are industries we can see and touch.

CHINESE President Xi Jinping on Tuesday suggested aligning the Belt and Road Initiative with the European Investment Plan in order to inject new momentum into China-EU ties.

"We believe that the Belt and Road Initiative presents an open and inclusive platform for development where all countries can participate, contribute and benefit as equals", he said.

"Everything that is being proposed is part of the trend of modern development and is very much needed and in demand to a high degree", Putin said at the forum.

Speaking to 29 world leaders at a two-day summit in Beijing, Xi said: "The Belt and Road development does not shut out, nor is it directed against, any party".

The multibillion-dollar Silk Road project was initiated by President Xi Jinping in 2013 with an aim to connect China with Europe and strengthen cooperation between Asia and Africa.

China's foreign ministry also said the "doors" for India to join the BRI would always be open.

Pakistani Prime Minister Nawaz Sharif and Serbian Prime Minister Aleksandar Vucic were also among those in attendance.

Skirting any references to India's absence at the meeting, Xi had said, "All countries should respect each other's sovereignty, dignity and territorial integrity, each other's development paths and social systems, and each other's cores interests and major concerns".

China has used the initiative to help portray its economy as open to the world, distinct from a rising wave of global protectionism, as US President Donald Trump promotes an "America First" policy.

The initiative has "entered a new era as it is in full swing", with 68 nations and worldwide organizations signing cooperation agreements with the host, Xi said.

The Pakistan Prime Minister will attend the inaugural session of the One Belt One Road Summit, a plenary meeting of high-level dialogue and the state banquet.

International Monetary Fund managing director Christine Lagarde called for high-quality infrastructure that respects the environment, while also welcoming the Chinese initiative.

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