One of the recent initiatives that warrants heightened attention and importance is China's Belt and Road Initiative (BRI).
Chinese President Xi Jinping put forward the proposal to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road or BRI in a bid to revive the historic trade route by boosting cooperation between China and other Asian nations.
Both the New Silk Road and New Maritime Silk Road are proactive moves to extend China's infrastructure development programmes backed by its plenty of money and enormous expertise. China has clearly demonstrated in recent years its most remarkable performance in infrastructure development in Asia. Moreover, Chinese ideas have some unique attributes which could potentially bring significant benefits to the participating countries through deepening of economic co-operation and integration by leveraging on three connectivity: transport connectivity, trade connectivity and investment connectivity.
We are observing that China is constantly changing. Comrade Xi Jinping's China has taken a more active role in international relations and moved away from Comrade Deng Xiaoping's policy of "Keeping a low profile" to Comrade Xi Jinping's paradigm of striving for achievements. It is in the context of this shift that China proposed the BRI and has employed more globally-oriented slogans - like "Shared destiny for all mankind" - to describe its flagship foreign policy initiative. The fact that China is now confident enough to propose a project addressing "all mankind" highlights the extent of the foreign policy shift. China now finds itself in "a key period for realising the great rejuvenation of the Chinese Nation" and is more confident and more competent than any time in the history" to grasp the "historic opportunity".
At the Belt and Road Forum, President Xi noted that "In pursuing the Belt and Road Initiative, we should focus on the fundamental issue of development, release the growth potential of various countries and active economic integration and inter-connected development and deliver benefits to all". The BRI is an umbrella initiative which covers a multitude of investment projects designed to promote the flow of goods, investment and people. In March, 2015 the Ministry of Foreign Affairs of China disseminated an action plan that fleshed out specific policy goals of BRI. These include -
- Improving intergovernmental communication to better align high-level government policies like economic development strategies and plans for regional co-operation;
- Strengthening the co-operation of infrastructure plans to better connect hard infrastructure networks like transportation systems and power grids;
- Encouraging the development of soft infrastructure such as the signing of trade deals, aligning of regulatory standards and improving financial integration;
- Bolstering people-to-people connections by cultivating students, experts and cultural exchanges and tourism.
Beneficiary countries are likely to find the most attractive elements of the BRI to be its provision and hard infrastructure. Likewise, BRI provides China with an opportunity to finance these infrastructure projects around the world.
In September last year, the Chinese government issued guidelines for official translation of the initiative as "Belt and Road " rather than "One Belt One Road". This highlights a process whereby the initiative has become more inclusive with time; previously the two components were sub-regional and now the term is a global one that leaves elasticity for China to interpret according to its views. The call on Latin American countries to take part in the initiative is a proof that China is beginning to think beyond the old Silk Road and is planning to shape a new one.
China experts may interpret BRI as China's new geopolitical and economic strategy - a plan in the face of an American pivot to Asia.
Leaving the "Keeping a low profile" strategy behind and aiming to play a more consequential role in international affairs, China needed to re-brand its growth in the eyes of other countries as an opportunity rather than a threat. This in turn allows China to continue to grow and accumulate power within the international system. BRI could be seen as the vehicle through which that transition occurs. BRI buys China more time to develop economically and to slowly shift the global balance of power in its favour.
Another interpretation would be BRI as a vision for a new wave of globalisation - one that can be defined without the historical baggage that the term possesses in the aftermath of the rise of populism and protectionism in the west and President Donald Trump's rhetoric in particular. This helps China to promote itself as the main engine of globalisation. President Xi Jinping's speech in Davos in 2017 clearly contrasted with President Trump's rhetoric and encapsulates this new narrative for China's role in global affairs.
Consequently, BRI could be viewed as a Chinese vision of "making our planet great again", borrowing President Macron's slogan. And BRI's goal of achieving a community of "Share destiny for all mankind" would mean shaping a new vision for globalisation with Chinese characteristics which is likely to be distinct from one led by the US after the Second World War.
The present democratic government of Bangladesh under the dynamic and visionary leadership of Prime Minister Sheikh Hasina has been working relentlessly to bring about a positive change in the country and the region. Bangladesh has set a target to become a middle-income country and graduate from the LDC status by 2021 and become a developed country by 2041. The country has been a strong believer in regional connectivity, and given its unique geopolitical position, it can derive enormous benefits from regional connectivity like BCIM-EC. Connectivity through road, rivers and railways is perceived as an economic necessity and constitutes a part of the service industry. The ability to construct the New Silk Route which is reflected now by Belt and Road will depend on the development of a coherent strategy by all countries involved, and must take into account key geopolitical and security considerations.
The Belt and Road initiative is an incredibly ambitious plan that may reshape global trade, particularly regional one. As financial cooperation within the region deepens, this heart of modern economy is providing steady impetus to the Belt and Road. Bangladesh strategised its policy by taking cognizance of the evolving scenario and advantage of the emerging possibilities. In this backdrop, BCIM-EC and BCIM-wide economic co-operation and integration could prove to be an important opportunity in the transformative journey that Bangladesh aspires to undertake over the near to medium-term future. Let us seize this opportunity of BCIM-EC by working together to establish a harmonious South Asia for the region in general and for the four countries of this bloc in particular.
(The article has been abridged)
Dilip Barua, a former minister, is general secretary of the Bangladesher Samyabadi Dal (M-L).