$64 bn deals signed at BRI summit: Xi

  1. Chinese President has said that $64 billion deals were signed at the recent summit on his Belt and Road Initiative(BRI) and more nations would join the global infrastructure programme.
  2. Further,a document released after the meeting showed that Equatorial Guinea, Liberia,Luxembourg,Jamaica,Peru,Italy,Barbados,Cyprus and Yemen were the latest countries to join the Belt and Road Initiative(BRI).
  3. China’s Belt and Road Initiative (BRI) is an ambitious programme to connect Asia with Africa and Europe via land and maritime networks along six corridors.It aim at improving (a)regional integration, (b) increasing trade and (c)stimulating economic growth.
  4. India had turned down an official invite from China to attend the second Belt and Road Forum meet.India had also boycotted the first Belt and Road Forum(BRF) in 2017 after protesting against the controversial China-Pakistan Economic Corridor(CPEC).
  5. India along with the US and several other countries have been highlighting the concerns over the BRI projects which will leave a number of smaller countries in debt traps.The concerns grew louder after China took over Sri Lanka’s Hambantota port on a 99-year lease as debt swap.

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