- Tuesday | 07 Sep, 2021
- 3:00 PM - 4:00 PM
Many argue that G7’s Build Back Better World (B3W) initiative will act as counter to China’s Belt and Road Initiative (BRI). This argument strengthens in light of the B3W factsheet starting off with how the G7 met to “discuss strategic competition with China.
B3W is an affirmative global initiative launched in June 2021 is with the objectives to meet the development needs of low and middle-income countries and overall, fill the $40+trillion infrastructure gap in the developing world which has widened due to the Covid-19 pandemic. It claims to be guided by values of high standards, sustainability (financial, environmental, and social), good governance, climate friendliness (consistency with Paris Climate Agreement goals) and transparency. This initiative future promises anti-corruption and labor and social safeguards.
Contrary to B3W, Belt and Road Initiative (BRI) is a transcontinental policy and investment program, launched in 2013 by China's President Xi Jinping which is geared towards developing infrastructure and accelerating the economic integration of countries along the historic Silk Road route. Xi’s vision included creating a vast network of railways, energy pipelines, highways, and streamlined border crossings, both westward—through the mountainous former Soviet republics—and southward, to Pakistan, India, and the rest of Southeast Asia. The initiative emphasizes policy coordination, facility connectivity, unimpeded trade, financial integration, and people-to-people bonds (cultural and academic exchange and dialogue, media cooperation).
Since both are infrastructure development programs primarily and Pakistan being part of the later through China Pakistan Economic Corridor (CPEC), there is need for Pakistan to look into its policies for taking benefits out of BRI and B3W. Some of the serious questions for Pakistan in this regard are:
1. To stay connected with the global markets what are the earliest policy shifts required for Pakistan so that alongside CPEC, it get itself adjusted in B3W ?
2. How Pakistan can leverage from its bilateral ties with G7 ties like with Japan, Canada, Germany, Italy, and the United Kingdom in order to benefit from B3W projects in the long run?
3. How can Pakistan work on Sustainable Development Goals (SDGs) (Such as SDG-5, SDG-8, SDG-9 and SDG-10) while focusing on both CPEC and B3W programs?
Welcome & Keynote Address by:
Abid Q. Suleri, Executive Director, SDPI
Dr. Hina Aslam, Research Fellow, SDPI
Mr. Mustafa Syed, Executive Director, Pakistan China Institute
Mr. Hassan Daud Butt, CEO, Khyber Pakhtunkhwa Board of Investment and Trade
Dr. Talat Shabbir, Director China Study Centre, Institute of Strategic Studies
Round up, way forward and vote of thanks
Dr. Shafqat Munir, Research Fellow, SDPI