The political significance of this year's Belt and Road Forum for International Cooperation (BRF) is particularly noteworthy, amid Western scepticism and concerns about its performance, Rafiullah Kakar, Member of Social Sector and Devolution at the Planning Commission of Pakistan, told WealthPK. The BRI has become a major player in global affairs, with over 150 countries and 30 international organizations participating in the initiative. This is evident from the recent BRF, which was attended by over 10,000 delegates from around the world.

Kakar said that Pakistan, as a key player in BRI, had notably benefited from the China-Pakistan Economic Corridor (CPEC), with significant investments in energy and transport projects. However, there was room for broader cooperation, especially in industry and agriculture, which could drive Pakistan's economic productivity and exports. He further explained that the recent agreements between China and Pakistan to expand the CPEC's scope to various sectors, such as industry, mining, agriculture, livelihood projects, science, technology, and education, signalled a new opportunity for Pakistan to realize the full potential of cooperation with Beijing.

To support the next phase of BRI, the China Development Bank and the Export-Import Bank of China will each set up a RMB 350 billion (about $48 billion) financing window. An additional RMB 80 billion will be injected into the Silk Road Fund. The BRF also witnessed the signing of cooperation agreements worth $97.2 billion at the CEO Conference, involving various industries like infrastructure, clean energy, artificial intelligence, biopharmaceuticals, financial services, modern agriculture, and rail transportation.

This notable increase in the number of projects, participating countries, and the overall deal value compared to the 2019 forum underscores the growing confidence of the business communities involved in BRI development. China unveiled eight major steps to enhance high-quality Belt and Road cooperation, emphasizing multidimensional connectivity, open world economy, practical cooperation, green development, scientific and technological innovation, people-to-people exchanges, integrity-based cooperation, and institutional building.

As global geostrategic conflicts create uncertainty in the global order, the BRI sends a message of cooperation over confrontation and economic integration over decoupling. Beijing's renewed push for BRI offers a promising pathway for Pakistan to cultivate a green, open, and inclusive economy, aligning with the new vision of BRI. As China continues to navigate the next decade of this transformative initiative, it's clear that the BRI remains a potent force in reshaping the global economic landscape and fostering collaboration on an unprecedented scale.

Credit: Independent News Pakistan (INP)