Rs91tr accords signed at 2nd Belt and Road Forum

BEIJING: Chinese President Xi Jinping said the cooperation agreements worth more than Rs91 trillion ($64 billion) were signed at a CEO conference during the 2nd Belt and Road Forum which concluded here on Saturday.

A total of 283 items of practical outcomes were achieved during the preparatory process and the holding of the forum, Xi said in a statement before the media after his roundtable meeting with 37 heads of state and governments who took part in the meeting.

Earlier in the day, Xi called for joint efforts of all parties to promote high-quality development of the Belt and Road (BRI) initiative at the leaders' roundtable meeting of the forum. In his address at the roundtable meet, Xi said his trillion-dollar BRI initiative should benefit all around the world and deliver common development by following established international rules and norms. 

He again stressed that the BRI would focus on common development of all the participating countries and their people. "We must implement the principle of extensive consultation, joint contribution and shared benefits to see that all voices are heard, all reached their full potential and all stand to benefit," the Chinese president said. 

The BRI must be open, clean and green and follow high standards, people centred sustainable approach, he said, adding that it should be aligned to the United Nations' sustainable development agenda."Align our cooperation with universally accepted rules, standards and best practices and pursue social and economic progress and environmental protection in a balanced way. 

The BRI should be beneficial to all and deliver common development," Xi said. “More and more friends and partners will join in Belt and Road cooperation. The cooperation will enjoy higher quality and brighter prospects.”

Xi and other top Chinese officials repeatedly sought to reassure partners and potential participants this week that Beijing does not intend to saddle them with high debts and wants BRI to benefit all parties involved. 

A joint communique issued at the conclusion of the summit said the leaders had agreed to project financing that respects global debt goals and promotes green growth, in line with a draft seen by Reuters last week.

In a separate statement China said it signed a memorandum of understanding with various countries including Italy, Peru, Barbados, Luxembourg, Peru and Jamaica. “All of this shows that Belt and Road cooperation is in sync with the times, widely supported, people centered and beneficial to all,” Xi said. 

Those who attended the BRF meeting included Russian President Vladimir Putin, Pakistan’s Prime Minister Imran Khan and heads of several Asian, African and Latin American countries besides heads of the UN and the IMF. India and the US skipped the meeting. India, which boycotted the first BRF meeting held in 2017 over its objections to the USD 60 billion China-Pakistan Economic Corridor (CPEC) being laid through the Pakistan's Kashmir, skipped its second edition for the same reasons. The CPEC, which connects Gwadar Port in Pakistan's Balochistan with China's Xinjiang province, is the flagship project of the BRI. This time the US has emerged as a fierce critic of the BRI, asserting that its predatory financing is leaving the smaller countries in heavy debt. The concerns grew louder after China acquired Sri Lanka's Hambantota port for a 99-year lease as a debt swap.

Addressing the roundtable meeting, Prime Minister Imran Khan said CPEC was a source of transformation for Pakistan and the country was privileged to have been an early partner of China. The premier stressed the need for further boosting connectivity under the umbrella of Belt and Road Initiative (BRI). "We should also consider digital connectivity, mobility of labour and transfer of skills, cultural links and knowledge and innovation connectivity to further expand the scope of the BRI," PM Imran said. 

“To implement these additional areas of connectivity the BRI countries should establish a Tourism Corridor for cultural tourism exchanges. They should develop programmes for improving the skills of labor from labor surplus countries to assist the labor deficient countries. We should also create multi-lingual digital platforms for connecting producers, consumers and skilled job seekers,” he added. "Pakistan is at the cross-roads of important regions. Throughout our history, we have connected ideas, cultures and commerce," he continued. "Connectivity has been a part of our heritage and the CPEC is giving it a modern shape in the 21st century.” Imran further said, "President Xi Jinping has given the BRI vision to break barriers, connect people, integrate economies and share prosperity."

"Pakistan is privileged to have been an early partner of China. Under the CPEC, we are building highways, modernising rail network, setting up power plants, establishing a port and special economic zones." "CPEC is not a transaction rather it is a transformation of our society," the premier asserted. PM Imran Khan noted that the connectivity of Gwadar port with China's Xinjiang region will provide a shorter route for China's imports, reduce the cost for Chinese companies and develop western China as well.