International

Belt and Road Initiative: A Road of Prosperity for the New Era

Article by H. E Yan Xiusheng, Ambassador of the People’s Republic of China to Barbados

In 2013, President Xi Jinping put forward the Belt and Road Initiative (BRI). After a decade of development, the BRI has effectively promoted economic integration and interconnected development, and delivered benefits to all. It has laid down a pathway toward mutual benefit, win-win outcomes, prosperity and development in an age rife with turbulence and change.

The BRI shines the light of development and provides new impetus for global development. Development holds the master key to solving all problems and is a timeless theme for humanity. The BRI, focusing on development which best serves the common interests of all countries, has provided a platform for development with great inclusiveness, and promoted the common development and prosperity of all countries around the world. From 2013 to 2022, the total value of China’s trade in goods with key Belt and Road partner countries grew at an average annual rate of 8.6 percent, and the two-way investment exceeded USD 270 billion. Newly signed contracts of projects are worth over USD 1.2 trillion, and an array of infrastructure projects including roads, bridges and ports have come into commission, further promoting land, maritime, air and cyberspace connectivity. The Belt and Road cooperation is not a solo performance, but a symphony played by all. The BRI has effectively synergized development strategies and practical demands among partners, and has helped partner countries transform their own advantages into tangible fruits of development. The World Bank estimates that by 2030, Belt and Road cooperation will bring an annual benefit of USD 1.6 trillion to the world, accounting for 1.3 percent of the global GDP and injecting strong impetus into global development.

The BRI shines the light of happiness and makes new contributions to people’s well-being. The people are the foundation of a state. When the foundation is strong, the state will be secure. Improving people’s livelihood has become another distinctive feature of the BRI. Over the past ten years, the BRI has helped lift nearly 40 million people out of poverty and created paths toward opportunity and prosperity for the local people. A large number of “small yet smart” livelihood programs such as schools, hospitals and stadiums have been put in place one after another, and more and more people are living a better life with a greater sense of happiness and benefit. The China-Europe Railway Express completed over 15, 000 freight services, serving as a health train delivering medical supplies during the pandemic. Facing the global food crisis, China and its BRI partners have been actively engaged in agricultural cooperation and popularized hybrid rice, Juncao and other practical technologies, making positive contributions to ensuring food supply for the local people.

The BRI shines the light of hope and opens up new prospects for common prosperity. The U.N. 2030 Agenda for Sustainable Development is now encountering difficulties in its implementation, and the development gap keeps widening. Countries around the world have a stronger aspiration for development and cooperation. Many developing countries have seized the momentum of the BRI and got on board the express train of China’s development. As we accelerate the development of the health Silk Road, the digital Silk Road, the green Silk Road and the Silk Road of innovation, more opportunities for cooperation will be created. This will open up broader prospects for industrial upgrading, energy transformation and innovative development in those countries.

In February 2019, The Chinese and Barbadian governments signed MOU on the Belt and Road cooperation in Beijing. In June this year, Prime Minister Mia Amor Mottley successfully visited China, where the leaders of both countries spoke highly of the fruitful achievements in Belt and Road cooperation over the past four years, and reached important consensus on continuing to promote high-quality development of Belt and Road cooperation. With the joint efforts of the Chinese and Barbados people, the two sides have strengthened cooperation under the framework of the BRI, pushing the bilateral relationship and practical cooperation to new heights. The construction of Sam Lord’s Castle Hotel, with preferential loan from China, is about to be ready for use. The Scotland District Road Rehabilitation Project, also with preferential loan from China, has broken ground. The China-Aid National Stadium Redevelopment project is undergoing. The China-Aid Centre for Food Security and Entrepreneurship Project in Barbados is currently under construction. Hunan Province aid project of vegetable demonstration in Barbados has achieved remarkable results, with the cultivation of varieties of high-quality vegetables and a breakthrough with upland rice planting in Barbados. These aid projects will play an important role in local economic and social development, and improve people’s livelihood. By assisting Barbados in becoming the country with the largest electric bus fleet in the Caribbean region, the BYD electric buses have contributed actively to carbon reduction, promoting the green transformation and sustainable development of the Barbadian economy and society. Additionally, the artificial intraocular lenses exported from Barbados to China have brought light to cataract patients, and Barbadian products such as rum are gradually becoming familiar to the Chinese consumers. With the comprehensive visa exemption between China and Barbados, an increasing number of Chinese tourists are visiting the beautiful country of Barbados.

The third Belt and Road Forum for International Cooperation is to be held in Beijing. It will be the grandest event to commemorate the 10th anniversary of the BRI, and an important platform for all parties to discuss high-quality Belt and Road cooperation. We hope that all parties, standing on the new starting point, will make the pie of development increasingly bigger, so as to provide solid support for people’s well-being and create more opportunities for economic growth. In doing so, we will usher in another wonderful decade on this road of global prosperity.

Looking to the future, both China and Barbados will continue to promote High-quality BRI Cooperation. Following the principles of extensive consultation, joint contribution and shared benefits, both sides will fully leverage their comparative advantages, explore cooperation potential in areas such as infrastructure, modern agriculture, blue economy, renewable energy, culture, sports, tourism, and health-care. The aim is to achieve higher-level pragmatic cooperation, elevate the friendly cooperation between China and Barbados to new heights, and steer the ship of the China-Barbados community with shared future towards a broader horizon.

International

10 % ON EXPORTS TO US

US President Donald Trump says it’s Liberation Day in America as he announced his sweeping new tariffs. The new measures took effect at midnight. Since taking office in January, Trump has imposed several of the measures.

US President Donald Trump has announced a 10 percent universal tariff on all imports into the country. This includes Barbadian exports to the American market. According to Mr. Trump, the tariff is in retaliation for the 10 per cent tariff now charged by Jamaica on U.S. imports.

The tariff means American consumers are likely to see an increase in the price of Jamaican goods sold on the U.S. market.

St. Lucia, Trinidad and Tobago, Grenada, Jamaica, The Bahamas, Belize, Suriname, St. Kitts and Antigua are among the Caribbean countries that will also see a 10% tariff applied to their exports.

Nearly 60 countries across the world have been hit with tariffs ranging from 10 per cent to as high as 49 per cent. China, countries in the European Union, Taiwan and Vietnam are among the hardest hit. It’s one of the most sweeping impositions of tariffs in U.S. history.

Trump says the tariffs are aimed at protecting American markets from unfair global trade practices. He’s projecting a resurgence in American manufacturing as a result of the sweeping tariffs.

International

China’s Xi Jinping tells top global CEOs to use their influence to defend trade

Gathering of senior business leaders in Beijing comes amid rising tensions with US

Xi Jinping has urged global business leaders to work together to protect supply chains at a meeting with a group of executives including Rajesh Subramaniam of FedEx, Ola Källenius of Mercedes-Benz and Georges Elhedery of HSBC.

Amid a deepening trade war with the US, the Chinese leader told the group of more than 40 business leaders, which also included Pascal Soriot of AstraZeneca, Miguel Ángel López Borrego of Thyssenkrupp and Amin Nasser of Saudi Aramco, that foreign business leaders should resist behaviours that “turn back the clock” on history.

“We hope everyone can take a broad and long-term view . . . and not blindly follow actions that disrupt the security and stability of global industrial chains and supply chains, but instead contribute more positive energy and certainty to global development,” Xi told the gathering in Beijing on Friday.

The event at the Great Hall of the People marked the second consecutive year that Xi held a carefully staged meeting with foreign chief executives in the Chinese capital. Last year’s event was held exclusively with US business leaders.

The meeting came at the conclusion of a busy week for Chinese policymakers, who are trying to strengthen relations with international business amid rising tensions with US President Donald Trump’s administration.

China’s premier annual CEO conference, the China Development Forum, was held in Beijing this week, followed by the Boao Forum for Asia in the tropical resort island of Hainan. Beijing is seeking to promote itself as a bastion of stability in global trade in contrast to the US, where Trump has launched successive waves of tariffs on products from aluminium to cars. The president has vowed widespread, reciprocal duties on US trading partners on April 2, threatening further disruption to international trade.

“A few countries are building ‘small yards with high walls’, setting up tariff barriers, and politicising, instrumentalising, weaponising, and over-securitising economic and trade issues,” said Xi, who was accompanied by his foreign, commerce and finance ministers.

He said these actions were forcing companies “to take sides and make choices that go against economic principles”. “This runs counter to the overarching trend of open markets,” he said. He added that foreign enterprises, especially multinational corporations, had “considerable international influence”.

“We hope everyone will . . . resist regressive moves that turn back the clock,” Xi said. “Together, we must safeguard the stability of global industrial and supply chains. “Decoupling and severing ties harms others without benefiting oneself; it leads nowhere.”

International

US to Negotiate with Regional Governments on Hiring of Cuban Doctors

US special envoy to the Caribbean and Latin America, Mauricio Claver-Carone, says the United States intends to negotiate a mechanism with Caribbean governments regarding the hiring of Cuban doctors.

The US has threatened visa restrictions for nations who benefit from Cuban medical missions. They deem the programme as a form of forced labour and trafficking on the part of the Cuban government.

Several countries in the Caribbean rely heavily on Cuban medical missions to supplement local staff.

The special envoy says the US wants a united voice against human trafficking, in favour of international labour laws. He says they look forward to reaching a deal that allows Caribbean governments to directly hire Cuban doctors.