China signs deals with 68 countries for New Silk Road

In keeping with the Chinese idea of bringing to the 21st century the millennia-old trade routes that connected East and West by means a New Silk Road, China signed cooperation agreements with 68 countries and international organizations under the One Belt One Road initiative.

The announcement was made Monday (May 15) by Chinese President Xi Jinping in a press statement at the end of the Belt and Road Forum for International Cooperation, in Beijing. The goal is to build a wide network for infrastructure, trade, and economic cooperation across the more than 60 countries in Europe, Asia, and Africa.

The forum started yesterday (14), and was attended by 29 heads of state and government, as well as representatives from over 100 countries, and virtually consolidates the initiative launched in 2013 by President Xi Jinping.

Global economy

In a joint statement made public at the end of the assembly, world leaders reiterated their commitment to an open global economy and free trade and to oppose all forms of protectionism within the scope of the plan.

Earlier today, when the forum was opened for its second day, Xi Jinping called for deeper ties between countries and multilateral institutions like the International Monetary Fund (IMF) and the World Trade Organization (WTO), in a bid to warm up the global economy. In his view, the economic slowdown facing the world takes place amidst “increasing protectionism that should be averted.”

China has argued for globalization and free trade, in contrast with the position adopted by other nations. “The best way to face global challenges is through cooperation and connectivity,” said Xi Jinping. In his view, the meeting brought the necessary consensus among the economies throughout the New Silk Road for their potential to be fully put to use.

The next international One Belt One Road forum is expected to take place in China in 2019.

*The reporter traveled at the invitation of the China-Latin America and the Caribbean Press Center.

Translated by Fabrício Ferreira