Road to a brighter future

The leaders of China and Russia reached an agreement on May 8 last year to align the Belt and Road Initiative with the Eurasian Economic Union.

Both sides agreed that China will push important infrastructure construction in EEU member states, while the union will reduce fees, such as customs duties, on the sale and transport of Chinese goods.

Such an agreement is an expansion of existing Sino-Russian cooperation, which is mutually complementary and beneficial. Aligning the two strategies will help to broaden China-Russia cooperation, so that it has wider mutual benefits, involves more partners and ultimately lasts longer.

The coordination will be an improvement and will update the scale and quality of regional cooperation. The enthusiasm from both sides to cooperate will also increase.

For China, the alignment is a new way for the country to make full use of its geographical advantages.

The ancient Silk Road was a major trade route from China to foreign markets. In the 21st century, the Chinese government has formed new channels to have economic cooperation with Western countries.

The nation is a giant emerging economy and has gained a strong ability and motive to communicate economically with the Western countries. Meanwhile, the Belt and Road Initiative - comprising the Silk Road Economic Belt and 21st Century Maritime Silk Road - is multidirectional, and many regions are involved.

The agreement of the presidents is just the beginning, but it faces problems and difficulties.

For example, the main members of the EEU are Russia and Kazakhstan, whose economies are suffering from a downturn and low oil prices, meaning their ability to cooperate economically is weakened.

In general, however, I can see a bright future for coordination between the Belt and Road Initiative and the EEU to boost regional economic development in China and Eurasia.

The author is a researcher for the Institute of International Relations, Shanghai Academy of Social Sciences. The views do not necessarily reflect those of China Daily.