High quality co-operation in the Belt and Road Initiative

AS THE world faces the prospect of a retreat from globalisation towards hyper-nationalism due to present conflicts and wars, it is prudent to reflect on the benefits of the Belt and Road Initiative (BRI) launched in 2013 by the People’s Republic of China President, Xi Jinping.

This reflection is important in the context of efforts that are under way to rebuild countries still suffering from the negative effects of Covid-19 on trade and co-operation in multilateral institutions. In the past nine years, the BRI benefits can be quantified to underline the reason that President Xi presently speaks of promoting high-quality BRI co-operation.

For one thing, it is estimated that 172 countries and institutions have discussed and ratified 200 agreements of co-operation with the People’s Republic of China (PRC) focused on the implementation of the BRI. Tangible and practical material fruits from these agreements have yielded trade of over $9.2 trillion (R135 trillion), and these and the PRC’s business investments in other countries have been pegged at $130 billion.

This explains why President Xi is on record as declaring that while the “BRI may be China’s idea, its opportunities and outcomes are going to benefit the world. China has no geopolitical motives, seeks no exclusionary blocs and imposes no business deals on others.”

The BRI building blocks are now well established – namely, the advancement of “hard connectivity” of infrastructure development, “institutional connectivity” focusing on strengthening multilateral bodies (like the UN, World Health Organization and World Trade Organisation) to advance shared rules and standards, and “soft connectivity” premised on people-to-people understanding and deepening solidarity.

Why does the BRI emphasise “high-quality” development? President Xi has set out clear requirement parameters and requirements for high-quality BRI co-operation.

First, it speaks to further opening up of the PRC domestic market to investments and competition of and for services and goods by foreignowned businesses and enterprises. Such competition can only serve to promote innovation and shared prosperity.

Secondly, co-operation in sharing and strengthening intellectual property protection will be paramount.

Thirdly, while China is “both a global factory and a global market” and has the “world’s largest and fastest-growing middle-income population”, there is ample space and political will in this vast country in its international trade to avoid creating, directly and indirectly, trade surpluses and to import high-quality goods and products so that a balanced fair trade climate is facilitated.

Fourthly, there is no doubt that international co-operation and solidarity is crucial to addressing global crises such as conflicts, terrorism, climate change and trade protectionism.

Fifthly, promoting and maintaining high standards and high quality is a 21st-century existential necessity. It talks to environmentally-friendly practices, sustainable projects, frugal economic partnerships, and international best practices that respect and honour the sovereignty of each country and its civilisation.

Above all, it is about intolerance for greed and corruption.

China’s Belt and Road Initiative is a game-changer in international affairs, trade and financial relations, and the governance of multilateral institutions. It is estimated by a World Bank Report that the BRI projects in 2030 could assist in uplifting more than 7.6 million people from extreme poverty and 32 million from moderate poverty.

In this regard, protectionism, trade barriers, unilateralism, exceptionalism and manifest destiny attitudes and behaviour are anathema to highquality BRI co-operation.

It is not a coincidence that President Xi is fond of referencing the saying that “pursuing protectionism is like locking oneself in a dark room”.