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Brazil’s Decision on China’s Belt and Road Initiative

Context

Brazil has recently opted not to join China’s Belt and Road Initiative (BRI), becoming the second country, after India, within the BRICS bloc to take this stance.

What is the Belt and Road Initiative?

The Belt and Road Initiative, launched in 2013, is a global development strategy aimed at enhancing regional connectivity and economic cooperation through infrastructure development.
It involves investments in roads, railways, ports, and other infrastructure projects across Asia, Europe, and Africa, with the goal of expanding China's influence and facilitating trade.
Routes of BRI:
- Silk Road Economic Belt:This segment of the BRI is dedicated to improving connectivity, infrastructure, and trade links across Eurasia through a network of overland transportation routes.
- Maritime Silk Road:This component emphasizes maritime connections and cooperation in the form of ports, shipping routes, and maritime infrastructure projects.
  - It begins via the South China Sea going towards Indo-China, South-East Asia and then around the Indian Ocean thus reaching Africa and Europe.
- Comparison with India: India has been a vocal opponent of the BRI, primarily due to concerns about sovereignty, particularly regarding the China-Pakistan Economic Corridor (CPEC) passing through Pakistan-occupied Kashmir.
  - India insists that BRI projects should adhere to international norms, governance standards, and transparency.

What is BRICS?

BRICS stands for Brazil, Russia, India, China and South Africa.
The group started in 2006, and Brazil, Russia, India and China convened for the first BRIC summit in 2009. South Africa joined a year later (2010).
In August 2023, it was expanded to welcome five new members: Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
The aim of the alliance is to challenge the economic and political monopoly of the West. The group sets priorities and has discussions once every year during the summit, which members take turns hosting.
Rising economic influence of BRICS nations: BRICS member states now represent 45% of the world's population. The BRICS countries account for 35% of global GDP. The bloc is responsible for about 25% of the world’s exports.

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GS Analyst: Daily Current Affairs

30th October 2024 (10 Topics)

Copy

Brazil’s Decision on China’s Belt and Road Initiative

What is the Belt and Road Initiative?

Still Have Questions?

GS Analyst: Daily Current Affairs

Brazil’s Decision on China’s Belt and Road Initiative

What is the Belt and Road Initiative?

Still Have Questions?

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