Latest news with #NewSilkRoad
The Sun
7 days ago
- Business
- The Sun
Prioritise people over militarisation
THE Association for Welfare, Community and Dialogue (Acid) strongly denounces the recent warning by US Defence Secretary Pete Hegseth, who claimed that the threat from China is 'real and potentially imminent'. Hegseth also urged Indo-Pacific allies to increase defence spending, citing the North Atlantic Treaty Organisation commitment to 5% of gross domestic product (GDP) as a benchmark. Hegseth made these remarks at the Shangri-La Dialogue, Asia's premier defence forum. He emphasised the Indo-Pacific as a top priority for the administration of US President Donald Trump, cautioning that any attempt by China to take control of Taiwan would have 'devastating consequences' for the region and the world. In response, Acid would like to highlight several reasons that challenge Hegseth's portrayal of China. China endeavour since 1978 Since opening its economy in 1978, China has largely focused on national economic development through partnerships and collaboration with other countries, rather than engaging in war-mongering. This approach has lifted millions of its citizens out of poverty. In 2013, it launched The Belt and Road Initiative – sometimes referred to as the New Silk Road – a global infrastructure development strategy aimed at investing in over 150 countries and international can a nation be regarded as an imminent military threat when its primary focus has been on economic development and shared prosperity? Unlike the US, which has repeatedly used military force to assert dominance in the Middle East and other regions, China has not relied on military aggression to compel submission. Portraying China as an imminent threat serves to justify and perpetuate US strategic interests in the Indo-Pacific. While it is true that there are legitimate concerns surrounding territorial claims in the South China Sea and sovereignty issues related to Taiwan, such disputes should be addressed through dialogue and diplomacy – not through rearmament or an escalating arms race. America's exceptionalism It is important to consider the ideological stance of the current Trump administration, which is heavily driven by the mantra of 'making America great again'. Within this paradigm, other nations are merely regarded as conduits or pawns to serve US interests, with the ultimate goal of maintaining American global dominance by curbing the rise of China, which is seen as a credible strategic rival. Encouraging Indo-Pacific nations to ramp up military spending supports this broader agenda, reinforcing a geopolitical strategy that prioritises US supremacy over regional cooperation. This binary, black-and-white ideological leaning is inimical to common and collective prosperity that is vital for lasting peace and stability in the Indo-Pacific region. Enriching the American arms industry It doesn't take a genius to see that increased military spending by Indo-Pacific nations – including those in South Asia, Southeast Asia and the Pacific Islands – would primarily benefit the American arms industry. The ongoing genocide in Gaza and the persistent destabilisation of West Asia are stark consequences of the proliferation of US weapons in the region – facilitating the enforcement of American-Israeli hegemony and suppressing resistance. Indo-pacific nations should not place themselves in a situation where they are beholden to America for their protection. Instead, they should pursue independent, cooperative security arrangements rooted in mutual respect, dialogue and regional solidarity. Social justice for Indo-Pacific people It would be far wiser for Indo-Pacific nations to invest their resources in uplifting impoverished communities rather than diverting funds towards militarisation. According to a 2024 United Nations report, over 260 million people in the Asia-Pacific region could be pushed into poverty over the next decade unless governments implement robust social protection schemes. The report, Protecting Our Future Today: Social Protection in Asia and the Pacific, highlights a troubling rise in both monetary and non-monetary poverty, alongside growing income and wealth inequalities across the region. The number of people living in vulnerable conditions is expected to increase as the region continues to experience economic shocks amid prevailing inequalities. Access to essential services and basic opportunities remains out of reach for many. In light of this, Acid urges Indo-Pacific governments to prioritise social investment and poverty eradication, rather than aligning with a US-driven rearmament agenda that ultimately serves American strategic and economic interests. Ronald Benjamin is the secretary of Acid. Comments: letters@
Miami Herald
15-05-2025
- Business
- Miami Herald
Colombia joins China's Belt and Road Initiative amid tensions with Trump
Colombian President Gustavo Petro has formalized his country's entry into China's Belt and Road Initiative, or New Silk Road, a sprawling geoeconomic development project that already includes over 140 countries. The two nations signed a memorandum of understanding Wednesday 'welcoming China's initiative to promote the Silk Road Economic Belt' and pledging greater cooperation in a range of areas including infrastructure and trade. The move by Colombia, traditionally one of Washington's strongest regional allies, is the latest indication of Beijing's growing challenge to U.S. influence in Latin America, where 21 nations had already signed up to the Chinese initiative. Petro has specifically clashed with U.S. President Donald Trump, who threatened to impose 25% tariffs and revoke government officials' visas during a deportation spat in January. Petro, who started a week-long visit to China on Saturday, announced his plans to increase ties with China in a speech to supporters in Bogotá on May 6. 'I am not in a trade competition with China or the United States. Colombia will be won by whoever makes the best offer during the bidding process,' the president said. China and Colombia have increased economic cooperation in the past few years, most recently forming a working group to discuss joining the Belt and Road Initiative in October 2024. But the deal signed Wednesday still lacks specific project plans or funding pledges, instead outlining areas where the two nations plan to cooperate. It is also not legally binding, allowing the winner of Colombia's 2026 presidential elections to withdraw from the agreement. 'This is right now much more a political move by the Colombian government than it is an economic move,' said Sergio Gúzman, director at Colombia Risk Analysis, a political risk consultancy. The analyst described Petro's decision to sign the deal as a challenge to Trump's attempts to counter Chinese influence in the region and increase Washington's economic power. In his speech in Bogotá before visiting China, Petro questioned why Colombia should give the U.S. preferential treatment. 'Colombia is free to talk to China. What harm has China done to us? Did it invade us, did it take Panama from us?' he said, referring to Panama's U.S.-backed secession from Colombia in 1903. But Colombian business leaders fear the president's decision will trigger short-term retaliation by the Trump administration. 'We have already seen indications that the United States is deploying a strategy of pressuring its partners in the region in order to obtain preferential treatment,' said Javier Díaz Molina, executive president of Colombia's National Association of Foreign Trade. Despite Trump imposing 10% tariffs on Colombian exports like petroleum and coffee, many business leaders want to prioritize the country's relationship with the U.S., fearing China cannot replace it as an export market. 'Colombia, as a sovereign state, can and should explore new trade opportunities. However… these must generate concrete benefits,' said María Claudia Lacouture, president of the Colombian-American Chamber of Commerce. While Colombia imports a similar amount of goods from China and the U.S., it exports far more to America and had a $13.5 billion trade deficit with Beijing last year. 'The commercial relationship with the United States is not only more stable and solid, but it is also more balanced and complementary,' added Lacouture. The Belt and Road Initiative has seen large-scale investment in megaprojects including ports, railways and energy infrastructure in other Latin American nations like Peru, Chile and Argentina. While critics of the program say it can trap poor countries in debt and worsen environmental and labor standards, others argue loan terms are no worse than those of the Washington-backed International Monetary Fund.
Khaleej Times
04-03-2025
- Business
- Khaleej Times
Transcontinental ‘silk road' project gains traction
In a bold move to reshape global trade maps, the $20 billion India-Middle East-Europe Economic Corridor (IMEEC) is bouncing back to life after months of delay due to geopolitical turbulence. Dubbed the 'New Silk Road,' this transcontinental network — envisioned to link Mumbai to Marseille via the Middle East — has reignited momentum as key stakeholders, including India, the UAE, US, and EU, pledge to fast-track its realisation. Launched at the 2023 G20 Summit in New Delhi, the IMEEC promised to revolutionise connectivity between Asia, the Middle East, and Europe through rail, ports, energy grids, and digital highways. Yet progress stalled as the Gaza conflict redirected regional focus. Now, with high-level diplomacy and technological innovation driving renewed urgency, the corridor is back on track. 'The IMEEC is not just infrastructure; it is a bridge to a multipolar world,' said a senior Indian diplomat, reflecting on recent breakthroughs. During Prime Minister Narendra Modi's US visit in February 2025, talks with President Donald Trump solidified commitments to 'accelerate tangible collaboration' and convene IMEEC partners within six months. A joint statement emphasised the corridor's role in 'future-proofing supply chains' and advancing regional security—a nod to its strategic value amid Red Sea disruptions and Suez Canal vulnerabilities. While physical infrastructure remains critical, the corridor's digital spine is already taking shape. During Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed's visit to India in September 2024, the two nations unveiled MAITRI (Master Application for International Trade and Regulatory Interface), a unified digital platform designed to eliminate bureaucratic bottlenecks. For businesses, the implications are vast. The corridor could slash India-Europe transit times by 40 per cent, save 30 per cent in costs, and cut carbon emissions by 22 per cent compared to traditional routes. 'This is about rewriting the rules of globalization,' said a Dubai-based logistics CEO. 'The ones who adapt fastest will win.' 'As the IMEEC moves from boardrooms to breaking earth, it embodies a world where trade is both an economic lifeline and a strategic tool. For billions across three continents, the promise is clear: faster, cleaner, and more resilient connections in an age of disruption,' said Faizal Kottikollon, chairman of UAE-India Business Council-UAE Chapter. A statement from Indian embassy in Abu Dhabi said MAITRI integrates India's National Logistics Portal and Customs Gateway with UAE systems, creating a 'single window' for real-time data exchange. Think of it as a digital highway where cargo manifests, tariffs, and regulatory approvals flow seamlessly—cutting clearance times from days to hours. The platform also powers a Virtual Trade Corridor (VTC), expected to turbocharge bilateral trade, which already tops $85 billion. Recently, a delegation led by Secretary, Ministry of Ports, Shipping and Waterways, T.K. Ramachandaran held discussions with the CEO of Abu Dhabi Ports, Mohamed Juma Al Shamisi. The delegation included Sunjay Sudhir, Ambassador of India to UAE, and senior officials from India. The IMEEC's blueprint splits the corridor into two arcs: The East Corridor connects India's western ports to the UAE and Saudi Arabia via maritime routes while the North Corridor weaves through Saudi Arabia, Jordan, and Israel into Europe via rail, bypassing the Suez Canal. The UAE-India leg is poised to break ground first, with Abu Dhabi Ports CEO Mohamed Juma Al Shamisi confirming collaboration on smart logistics hubs. Meanwhile, energy ties are deepening: a cross-border electrical grid to transmit solar power and green hydrogen projects are underway, aligning with both nations' net-zero goals. The IMEEC's revival carries unmistakable geopolitical undertones. As China's Belt and Road Initiative ((BRI) faces scrutiny over debt diplomacy, the IMEEC offers an alternative model emphasizing sustainability and multilateralism. The corridor's focus on green energy and digital innovation has attracted EU backing, with Commission President Ursula von der Leyen calling it 'a template for 21st-century partnerships' after February 2025 talks with Modi. Yet challenges linger. Regional tensions, funding complexities, and coordinating 12+ nations demand deft diplomacy. Critics also question whether the corridor can truly offset Suez dependence, given its reliance on Middle Eastern stability. With a partner review meeting slated for mid-2025, stakeholders are racing to finalize financing and break ground on priority segments. The UAE-India digital and energy links serve as a proving ground, while Europe eyes rail upgrades to absorb incoming Asian trade.
Yahoo
06-02-2025
- Politics
- Yahoo
Panama exits China's Belt and Road initiative after Trump complains
In the wake of tensions with the United States over the Panama Canal, Panama is abandoning its participation in China's Belt and Road infrastructure development initiative, Panama's President José Raúl Mulino said on Thursday. The Chinese side has already been informed of the withdrawal from the project, Mulino said. The initiative sometimes known as the New Silk Road refers to various trade and infrastructure cooperation projects between China and more than 150 countries around the world. Panama joined in 2017 Panama's withdrawal from the initiative was entirely its own decision, Mulino explained. His country had hardly profited from the project. "What has it brought Panama in all these years?" Mulino said at a press conference. The new US secretary of state, Marco Rubio, travelled to Panama over the weekend to underline President Donald Trump's claims to the Panama Canal. He also said that China's influence on the global waterway was unacceptable. China rejected the accusations and expressed regret at the possibility of Panama pulling out of the prestigious project. If Panama were to reduce its cooperation with China under US pressure, this would be an "regrettable decision," Chinese UN Ambassador Fu Cong said in New York.
