China’s proposed Belt and Road Initiative (BRI) has received a wide range of critical appreciations from development, academic and geopolitical perspectives.
The BRI has generated excitement and fear around the world, as it affects not only a considerable number of nations, but also socio-economic and geopolitical situations. In Nepal, we have not been able to finalize the projects running under the BRI framework, but Nepal’s commitment to this development effort is unstoppable. Through better policy coordination, infrastructure connection, seamless trade, financial integration and people-to-people ties, the BRI seeks to advance win-win collaboration between China and the other signatory parties.
In this context, the book Belt and Road Initiative and South Asia edited by Dr. Kalyan Raj Sharma, which narrates 11 expert articles on the Belt and Road Initiative, has recently hit bookstores. The book carries out a fair and exhaustive discussion as well as a critical evaluation of BRI projects. Each chapter contains a wealth of information and offers guidance to nations that have adopted BRI projects and others ending BRI cooperation.
At a time when the world has suffered a development setback and economic slowdown, this book presents genuine feedback on how Nepal and South Asian nations in general can overcome their development bottlenecks and fill the gaps in infrastructure, connectivity networks and other areas. cooperation China is the second largest economy and is one of the fastest growing economies in the world which has achieved impressive results in alleviating poverty through multiple measures. This could be a lesson for countries like Nepal, which are reeling in the middle of a crisis due to the low-income trap that leaves more than 15 percent of the total population in poverty.
In the first chapter, Yin Xiangshuo expounds his views on the topic ‘China’s trade imbalance with South Asian nations, how can the BRI help?’ Although the volume and scale of foreign trade between China and South Asian countries have increased since the 1990s, the trade imbalance is a major problem, and better and closer cooperation between South Asian nations is required to fully reap the benefits of BRI: a better option to address the problem of trade imbalance and the growing trade deficit with China.
Similarly, in his chapter “The BRI and SDGs Nexus: Cooperation and Confrontation?”, scholar Bhoj Raj Poudel argues that the BRI is dedicated to improving people-to-people communications, trade, finance, and infrastructure across all nations and that the Initiative offers substantial support. and momentum for the implementation of the SDGs and is highly aligned with the 2030 Agenda in terms of visions, goals and measures. Poudel further states that there are some initiatives undertaken at the regional level to develop cooperation so that BI can be supportive of achieving the SDGs by 2030.
China intends to set the pace of economic development in Asia through the BRI. China introduced BRI to South Asia with all its goals and objectives in mind. Undoubtedly, the economic sectors have grown in the countries that signed agreements with China under BRI. South Asia is a “priority area” in China’s Belt and Road Initiative, author Hina Aslam says in her chapter. BRI projects mainly benefit South Asian countries Pakistan and Bangladesh, but can also bring many benefits to the region as a whole.
According to “Evidence and Lessons from BRI: The Case of China-Pakistan Economic Corridor” by Vaqar Ahmed, CPEC-related investments in Pakistan improved electricity production, logistics, and transportation. This allowed Pakistan to experience higher levels of growth, at least in the short term, and the development of additional capabilities in some industrial sectors.
Nepal also benefits from the Belt and Road Initiative. The scope and potential of cooperation between Nepal and China in the BRI are also discussed in the book. The idea may help attract significant Chinese investment, which will speed up social and economic development. The Chinese and Nepalese negotiators should reach a mutually beneficial compromise. The chapter recommends, among other things, that the political and social environment remain stable for the benefit of bilateral economic cooperation.
BRI projects are expected to be affected by the post-pandemic world order. The COVID-19 Pandemic and LBBB 2.0 by Partha S. Banerjee discusses the new potential of LBBB in the post-COVID-19 years. China can choose projects it would finance or co-finance and develop under BRI 2.0 with even more care, Banerjee says, adding that after the pandemic, industries including the internet and smart economy, green energy, agriculture and healthcare are likely to emerge. to see an increase in BRI 2.0 funding.
Looking at the BRI from the perspective of Southeast Asia, the Lao PDR signed BRI with China in 2016, and projects such as the Laos-China railway under BRI accelerated the country’s economic development. Meanwhile, Malaysia believes that China has become more powerful and “assertive”, and actively promotes economic incentive through the BRI. Malaysia has taken China’s BRI project more positively, considering it too big and important for Malaysia’s national development. The win-win framework remains a promising paradigm signaling positive engagements between China and partner countries. The Philippine government led by its national development vision and strategies has seen how the BRI could complement its actions.
In a nutshell, Dr. Sharma’s book Belt and Road Initiative and South Asia is a wonderful result of numerous researchers in South Asia and beyond offering multiple recommendations for policy makers, development partners and government by itself. same. Published by KW Publishers Pvt Ltd New Delhi, India, this book is a fantastic illustration of how scholars from various nations collaborated along the Belt and Road in South and Southeast Asia.
Book Review: The BRI’s drive is development and cooperation, beyond geopolitical disputes
