Belt and Road Initiative more significant amid threat in global economy by rising protectionism: experts

KATHMANDU - China-proposed Belt and Road Initiative (BRI) has become more significant for the entire world at a time when the global economic stability and growth are threatened by rising protectionism, a senior foreign affairs expert has said here.

Delivering lecture at the Department of Conflict, Peace and Development Studies under the Tribhuvan University on Thursday, former ambassador of Nepal to Bangladesh Mohan Lohani said that BRI has become more significant and relevant in the contemporary world scenario to promote openness, peace, development and globalization as the global economic stability and growth are threatened by the US protectionist approach.

"The China-initiated BRI advocates for the promotion of openness, peace, development and globalization. So we can say that BRI is a model for globalization in the contemporary scenario," Lohani said, who is also the former president of Nepal Council of World Affairs, a Kathmandu-based think tank.

The Belt and Road Initiative, formally known as the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, aims to build a trade and infrastructure network connecting Asia with Africa and Europe along the ancient trade routes of the Silk Road.

While praising the Chinese foreign policy, the former ambassador said that countries in South Asia including Nepal, the Maldives, Sri Lanka, and Pakistan have immense potential to reap benefit from their economic cooperation with China under the BRI framework.

Kalyan Raj Sharma, an expert on Nepal-China relations, said that the enhanced railroad connectivity with China under the BRI framework will be mutually beneficial for Nepal and other South Asian countries.

"The BRI seeks to promote cooperation among participating countries in the field of economy, connectivity, technology transfer, innovation, people-to-people contacts, and infrastructure investment," Sharma said while highlighting the importance of the initiative.