SCIO briefing on trade and economic cooperation under B&R Initiative
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E-mail China.org.cn, May 11, 2017
People's Daily:
We've noticed that some of the countries along the Belt and Road are small in terms of economic size, and have limited import and export capabilities. How do you see the prospects of China's trade with these countries? What measures will be taken to boost trade with them? Thank you.
Qian Keming:
Thank you for your question. It is indeed a fact that some of the countries along the Belt and Road are relatively underdeveloped, with little trade cooperation among them. What lies behind it is the fact that these countries, small economically, have yet to deeply integrate themselves into economic globalization. This brings about not only problems and challenges, but also enormous potential and opportunities. There is great potential for investment and trade cooperation among them as they are highly complementary in terms of resources. We will introduce multiple measures in this respect, among which achieving infrastructure connectivity is the key. With overall infrastructure connected and standards aligned, trade will surely be boosted.
In addition, we are leveraging the role of joint commissions on commerce and trade and FTZ negotiations in bolstering bilateral trade. Other measures include holding expositions, such as the five or six large-scale national expositions I've already mentioned. I'm convinced that rapid economic growth, infrastructure connectivity and the alignment of standards and development plans will stimulate trade in this region.
Russia Today:
Mr. Qian, you just mentioned some major projects with Russia, Kazakhstan and Belarus. My question is what specific measures will China take or has already taken to achieve synergy between the Belt and Road Initiative and the Eurasian Economic Union?
Zhang Xingfu:
President Xi Jinping proposed jointly building the Silk Road Economic Belt during his visit to Kazakhstan in September, 2013. China and the 12 Eurasian countries are taking the lead in implementing the Belt and Road Initiative, with fruitful achievements. The work we've done and will continue to do can be summed up in six aspects.
First, we take immediate actions to realize extensive alignment of policies. The Ministry of Commerce has signed cooperation agreements on joint contributions with its Eurasian counterparts, advancing the development of the Belt and Road Initiative and Eurasian Economic Union as well as the alignment of economic and social development strategies.
Second, bilateral trade is growing steadily. The trade volume between China and 12 Eurasian countries increased by 20.9% year-on-year in the first quarter of 2017. China remains one of their major trading partners. The trade mix continues to improve, with e-commerce thriving and reciprocal market access being achieved for many agricultural products.
Third, breakthroughs are being made in FTZ development. China is about to sign a free trade agreement with Georgia, making the latter the first Eurasian country to sign an FTA with China. China and Moldova have concluded their feasibility study for FTZ negotiations and will officially start the process in due time. China and the Eurasian Economic Union have agreed to take establishing FTZs as our long-term goal, and have conducted the third round of negotiations on an economic and trade cooperation agreement.
Fourth, bilateral investment prospers. China has made all kinds of investments totaling US$83 billion in Eurasia, improving the well-being of local people.
Fifth, notable progress has been made in capital flows. The Asian Infrastructure Investment Bank (AIIB), the Silk Road Fund, China-Eurasian Economic Cooperation Fund and China-Kazakhstan Capacity Cooperation Fund have been established and currency swapsare being expanded, thus diversifying the platforms for China to invest in the region.
Sixth, the Shanghai Cooperation Organization (SCO) plays an increasingly important role. In recent years, China has taken the SCO as an essential platform to pursue connectivity, industrial-capacity cooperation, capacity building and investment and financing cooperation with countries along the Belt and Road. To advance trade facilitation, it has proposed establishing an SCO e-commence alliance and hosted SCO Countries Commodity Fair in Xi'an in 2015. The SCO prime ministers' meeting ratified a list of measures to further promote cooperative projects within the SCO from 2017 to 2021, and initiated SCO institutional arrangements on trade facilitation. SCO regional economic cooperation has entered a new stage featuring integrated development with the Belt and Road Initiative.
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