08:55 GMT +314 October 2019
Listen Live
    In this 29 June, 2018 photo, workers prepare to set up lights on the pillars displaying Chinese President Xi Jinping's signature China Dream and One Belt, One Road foreign policy plan during an event in Beijing

    ‘Strong Impetus’: 17 Arab States Join China’s Belt and Road Initiative

    © REUTERS / Andy Wong
    Business
    Get short URL
    193
    Subscribe

    On Wednesday, Chinese Foreign Ministry spokesperson Lu Kang said that Sino-Arab cooperation on the project will be further bolstered during the upcoming second Belt and Road Forum for International Cooperation, which will be attended by representatives of Arab countries.

    17 Arab countries have signed a spate of cooperation deals with Beijing on China’s multi-trillion-dollar Belt and Road Initiative (BRI), the Xinhua News Agency reports.

    The agreements were inked during the second China-Arab Forum on Reform and Development, which was held in Shanghai and attended by more than a hundred businessmen and politicians.

    READ MORE: Chinese Belt and Road Plan Shouldn't Become Political Tool — Italy's Lega

    Apart from joining the Belt and Road Initiative, 12 Arab states also announced readiness to establish broader strategic partnerships with Beijing.

    “The Arab representatives said the BRI cooperation with China brings immense opportunities to Arab countries to advance reform and accelerate growth,” Chinese Foreign Ministry spokesperson Lu Kang told a Wednesday press conference.

    He added that the Sino-Arab cooperation on the BRI project will receive another “strong impetus” as many Arab state leaders are expected to attend the second Belt and Road Forum for International Cooperation, scheduled for later this month in Beijing.

    This comes against the background of the BRI expanding globally, with Switzerland indicating its intent to sign up for the project earlier this week.

    READ MORE: Tonga Becomes Latest Pacific Nation to Join China’s ‘Belt and Road’

    In late March, Rome approved the BRI in a move that makes Italy the first member of the Group of Seven (G7) powerful economies to join the Chinese project.

    Earlier, memoranda of understanding on participation in the project were signed by Luxembourg, Greece and Portugal.

    The Belt and Road Initiative, also known as the One Belt, One Road project, was first announced by Chinese President Xi Jinping in 2013 and remains one of Xi’s most ambitious foreign policy and economic plans.

    READ MORE: Lack of Funds Will Not Hamper Belt and Road Initiative — Academic

    The goal is to strengthen cooperation between Eurasian countries and accelerate economic growth in the region. The project also stipulates promoting investment in projects that would link dozens of countries across Africa, Asia and Europe through the creation of infrastructure networks similar in purpose to the ancient Silk Road trading routes.

    Related:

    Italy Officially Becomes First G7 Country to Join China's Belt and Road Project
    Italy Tries to Catch Up With EU Partners by Joining Belt and Road - Analysts
    Top Asian, Eurasian Development Banks Team Up to Finance Belt and Road Projects
    Belt and Road Dispute Settlement Mechanism Discussed at Beijing Forum
    New Belt and Road Initiative: China's Silk Road Challenged by US and Its Allies
    Tags:
    deals, politicians, project, partnership, cooperation, Belt and Road Initiative, China
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik