The world’s economy has undergone a transformation and fast-forwarded towards prosperity in the last few decades but the distribution of wealth among nations and people within nations has not been one and the same. Belt and Road Initiative is striving to become an engine of growth that could take everyone along on the path to prosperity and good living. There has been little doubt about the economic benefits of such a network for the region and beyond writ large, and the initiative can also give impetus to drive social and sustainable development. BRI is well placed to harness the growth potential and share the development dividend with the underdeveloped and developing nations. This will also be instrumental in alleviating the deprived and marginalized masses of the participating nations by giving a boost to infrastructure and economic activities.
The project is endorsed by as many as 150 plus countries and also engages international institutions such as the World Bank, the United Nations Industrial Development Organization, and Asia-Pacific Economic Cooperation, among others, which will influence the project’s quantitative and qualitative aspects. The engagement of these agencies is also ensuring that each project initiated under the initiative is considering the environmental impact. Since the scale of the initiative is so huge, it’s environmental and climate impact would also be of large scale.
The BRI is not only creating a trade bridge between China and participating economies but also it is propelling cultural and economic relations among other countries bilaterally. The countries can leverage on each other strengths and explore opportunities in the overseas market. This can have affirmative future implications in case of any tradeoff between two individual nations like that of the present trade war between the United States of America and China that is shaking the economic foundations of the countries worldwide. The success of the initiative like BRI can reduce the impact of such economic tremors.