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India Rules Out Participation In China's "One Belt One Road" Summit

19 May 2017, 07:06 | Taylor George

China will also set up 50 joint laboratories with countries participating in the Belt and Road initiative to enhance cooperation on innovation, he said.

The two-day Belt and Road Forum is being attended by leaders from 29 countries, including Pakistan, has been boycotted by India due to sovereignty concerns over the United States dollars 50 billion CPEC.

Mr Xi, seated next to Russian President Vladimir Putin, was speaking at a convention centre in northern Beijing on the summit's second and final day.

Matt Pottinger, US National Security Council senior director for East Asia and special assistant to Trump who is representing the US at the forum, urged transparency and "fair process" in his comments.

"While India cares about its neighbours' debt burden, the neighbours appear willing to take on more", said a report by China's state-run Global Times.

The Belt and Road initiative was proposed in 2013, and four years on, over 100 countries around the world and worldwide organizations have supported and got involved in this initiative.

He added: "We have every reason to be confident in the future of the Belt and Road".

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The South Asian nation - the world's fastest growing major economy and Asia's third biggest - chose not to attend the gathering, where China laid out its plan to connect almost 70 countries through a series of global trade pacts, inspired by the ancient Silk Road trading route. "The global community's warm response to the Belt and Road Forum for worldwide cooperation also speaks volumes for that".

"And ultimately how much political sovereignty is sacrificed, and what is the risk to completion of projects in the event of a disorderly slowdown in the domestic Chinese economy", said the USA investment firm specialising in frontier and illiquid markets.

On the eve of the OBOR forum, Indian issued a statement saying it can not "accept a project that ignores its core concerns on sovereignty and territorial integrity".

The CPEC has emerged as a thorny issue between India and China, whose ties have been under strain over issues including Beijing blocking New Delhi's bid for the Nuclear Suppliers Group and Tibetan spiritual leader, the Dalai Lama's visit to Arunachal Pradesh in northeast India last month. To achieve this objective it is important that the South Asian countries, particularly India and Afghanistan, should cooperate to achieve peace by addressing regional disputes through urgent and result-oriented dialogue so that all could join the CPEC and make this region prosperous. It has no geographical boundaries, " he said. "It must not be politicised", Sharif said in his speech at the inaugural session.

"We will all win when the economic corridors we develop hasten industrialisation; and when they hasten the development of domestic private-sector capabilities", said President Kenyatta.

Some critics such as Tokyo have argued that China is pushing through the infrastructure projects to serve its own companies and its own economic goals.

The One Belt, One Road project includes the Silk Road Economic Belt and Maritime Silk Road. While CPEC is highlighted as "flagship project", the B&R includes the Bangladesh, China, India and Myanmar (BCIM) Economic Corridor, New Eurasian Land Bridge, China-Mongolia-Russia Economic Corridor, China-Indochina Peninsula Economic Corridor and 21st century Maritime Silk Road.



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