Monday, 20 November, 2017

China's Xi outlines plans for wide cooperation in trade plan

Pledging more than $100 billion in financing Xi called Sunday for closer cooperation across Asia and Europe in areas from anti-terrorism China's Xi outlines plans for wide cooperation in trade plan
Saul Franklin | 16 May, 2017, 09:44

Pakistan says it has signed new deals with China worth nearly $500 million, giving a boost to Beijing's Silk Road trade and infrastructure initiative for Asia, Africa, and Europe at the opening of a major worldwide summit.

"Individual countries need to coordinate national policies", Xi said during a speech to world leaders on the final day of the Belt and Road Forum in Beijing.

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The countries agreed that "we stand for enhancing global cooperation including the Belt and Road Initiative and various development strategies".

Chinese President Xi Jinping, third from left, walks with Russian President Vladimir Putin, third from right, and other leaders as they arrive for a group photo during the Belt and Road Forum outside Beijing, China, Monday, May 15, 2017.

China was basking in praise Monday for its new Silk Road even as some countries raised concerns over the project seen as boosting Beijing's global clout on trade and geopolitics.

The two-day Belt and Road Forum is being attended by leaders from 29 countries, including Pakistan, has been boycotted by India due to sovereignty concerns over the United States dollars 50 billion CPEC. "This cooperation model would be beneficial for everyone", Erdogan said at the Belt and Road Forum for International Cooperation earlier in the day", Erdogan was quoted by Sputnik News as saying. White House adviser Matt Pottinger explained that the USA supports China's efforts to promote integration and development through its Belt and Road project, Reuters revealed.

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For his part, the Chinese ambassador said China is not the only beneficiary of the Belt and Road Initiative, but all participants. According to IE, India's foreign ministry has said mutual agreements on infrastructure projects should have been transparent and debt repayments made easier for recipient countries.

Other governments welcome Chinese investment in a region that the Asian Development Bank says needs to spend $7 trillion this decade on ports, railways and other trade-related facilities to keep economies growing.

Beijing is seeking to cement its trade relations in Asia, Africa and Europe through the summit, but some fear that these new Silk Roads serve the interests of Chinese exporters above all.

On deepening economic and trade cooperation, the leaders agreed to uphold the effectiveness of the multilateral trading system, and work together to achieve positive outcomes at the 11th WTO ministerial conference; promote trade and investment liberalisation and facilitation and enable the general public to benefit from trade, it said.

Chinese President Xi Jinping said he had every reason to be confident in the future of the Belt and Road initiative, his signature plan to forge a path of peace, inclusiveness and free trade for the globe, beginning with Eurasia.

"We should jointly create an environment that will facilitate opening up and development; establish a fair, equitable and transparent system of global trade and investment rules".

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