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Outcomes of OBOR Summit

Tuesday 16th of May 2017

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May 16, 2017

Belt and Road Forum (BRF) is definitely a gathering of world leaders from across the country, organized by China to showcase its gives establish a network of trade routes beneath One Belt, One Road (OBOR) initiative. Currently, 68 countries and international organisations have signed belt and road agreements with China. China has told you the fact that Belt and Road initiative is an open and inclusive platform to explore and co-develop the China-led blueprint of reviving the Silk Road. India, however, has boycotted the summitowing to sovereignty concerns related to the China-Pakistan Economic Corridor (CPEC). Unlike India, no other countries have sovereignty related problems with OBOR initiative.

Outcomes

The two-day Belt and Road Forum identified and decided on 270 deliverable goals of Belt and Road Initiative.The Forum generated signing of any joint communique by 30 heads of believe that promised to implement plans for cooperation in trade and infrastructure programs across Asia, Europe and Africa. However, the forum ended with only promises of joint action by participating countries and decided not to end in establishment associated with institutional framework for implementing the planned construction program. The Signatories to the joint communique also pledged their support for promoting a rules-based, open and multilateral trading system with all the World Trade Organisation at its core. China has assured the participating countries that it wouldn't work to push a country’s political ideologies and systems onto another country while in the implementation from the Belt and Road Initiative.

China has brought the first step to institutionalise the Belt and Road Forum (BRF) by announcing the fact that next edition from the BRF can be located in Beijing in 2019 indicating that China will can quickly control the Belt and Road Initiative.

Infrastructure Deals

Although India skipped the initiative, 6 of the neighbours namely Pakistan, Sri Lanka, Nepal, Bangladesh, Myanmar and Afghanistan attended the summit and signed 20 infrastructure handles China with the Belt and Road Forum (BRF). They have likewise sought China’s financial help for advancing infrastructure, power, banking and finance sectors.

OBOR

OBOR is really an ambitious China's ambitious development strategy and framework that aims to lift its connectivity and trade that hopefully will that will connect Asia, Africa, the Middle East and Europe. It has been proposed by Chinese President Xi Jinping in 2013. It comprises two components viz. the Silk Road Economic Belt and therefore the 21st Century Maritime Silk Road. OBOR initiative is a component of China's revived 21st century Silk Road diplomacy that seeks to push it to use a more impressive role in global affairs as a big global power. It is simply investment and trade promotion scheme aiming to deepen economic connections between China and remaining world.

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