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China says North Korea plans to attend Silk Road summit in Bejing

09 May 2017, 09:08 | Austin Hogan

CPEC and How China Will Dominate World Trade

Nepal-China relations

The Belt and Road initiative could help India address several pressing economic issues, including imbalanced trade with China and the need to find new markets for its growing manufacturing sector throughout South Asia and beyond, Wang Jun, an expert at the China Centre for International Economic Exchanges, was quoted as saying.

How is China's new Silk Road perceived in Europe and Russian Federation? China has been keen to include India in its Belt-Road Initiative.

When and why did China create this initiative? He said governments and worldwide organizations have to define projects and programs that allow for those people to see that they are cared for and they can be integrated into the global economy.

Nepal has made a decision to be part of the China-initiated Belt and Road Initiative and is going to sign aframework agreement on One Belt One Road this week, its government decided on Monday.

India, which has already protested over the Dollars 50 billion China Pakistan Economic Corridor (CPEC) as it goes passes through Pakistan-occupied Kashmir, so far has not confirmed its participation. India has not responded to the Chinese invitation as yet and staying away from the event would reinforce India's objections to the Chinese corridor through disputed territory.

In South Asia, China has offered to build ports, airports and special economic zones in Sri Lanka, the Airport Link Bridge, road links in the atolls and upgradation of the worldwide airport in the Maldives. The strategy not only kicks China's economic standing up a notch, it also challenges trade agreements that have excluded China, such as the Trans-Pacific Partnership, which US President Donald Trump nixed.

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The Nepalese government has proposed Kerung-Kathmandu-Pokhara-Lumbini railway to be part of the OBOR project.

China is heavily engaged in Southeast Asia in the construction of ports and pipeline projects in Myanmar, a high-speed rail project in Thailand, Malaysia's East Coast Rail link, and a high-speed rail from Jakarta to Bandung in Indonesia.

Chinese President Xi Jinping endorsed the scheme in late 2013, with a stated goal of increasing global economic cooperation. United Nations secretary-general Antonio Guterres, World Bank president Jim Yong Kim and International Monetary Fund managing director Christine Lagarde and about 100 ministerial level delegates will be in attendance.

More than 100 countries and global organizations have joined the initiative, and more than 40 have signed cooperation agreements with China, which has invested more than $50 billion in related programs.

Beijing has agreed to Nepal's request regarding the free trade agreement between the two countries. Countries as far away as New Zealand have signed up for cooperation on OBOR projects.

During his recent China visit, Prime Minister Pushpa Kamal Dahal "Prachanda" had assured the Chinese leadership that Nepal will be the part of belt and road initiative ahead of OBOR Conference.



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