Belton Road Agreement

Victoria has been attacked by members of the federal coalition for its agreement on China`s belt and road initiative, but what does this mean for Victoria and Australia`s foreign policy towards China? The United States shared other countries` concerns about China`s intentions. The development of the economies of South and Central Asia is a long-standing goal of the United States, which intensified after the start of the U.S.-led war in Afghanistan and President Barack Obama`s pivot to Asia. The Obama administration has often spoken of the need for the Afghan economy to miss out on foreign aid, and in 2014, then-Deputy Foreign Minister William Burns called on the United States, Central and South Asia to “return to its historic role as a hub for world trade, ideas and culture.” In this sense, the Obama administration has supported a $10 billion pipeline through Turkmenistan, Afghanistan, Pakistan and India. It has also used billions of dollars for road and energy projects in Afghanistan and has used its diplomatic muscles to create new frameworks for regional cooperation to promote Central Asian economic relations. Victoria`s Liberal opposition questioned why the deal failed to protect Victorian farmers from the 80 per cent tariff on Australian barley that the Chinese government put on Australian barley this month. According to a study by the University of Antwerp, the sea route via Trieste significantly reduces transport costs. The example of Munich shows that transport from Shanghai via Trieste takes 33 days, while the northern route lasts 43 days. From Hong Kong, the southern route reduces traffic to Munich from 37 to 28 days. Shorter transport means, on the one hand, better use of liners for shipping companies and, on the other hand, considerable environmental benefits, particularly with regard to the reduction of CO2 emissions, as maritime transport is a heavy climate burden. This is why there are important growth areas in the Mediterranean basin, where the blue banana economic zone runs up against working rail links and deep-water ports. Henning Vupel, director of the World Economic Institute in Hamburg, acknowledges that the northern chain (i.e. transport through North Sea ports to Europe) is not necessarily the dominant one in the medium term.

[81] “While the BIS agreement has benefited Victoria little or no benefit, the fact that once a government has signed an agreement with Beijing, the consequences of a cancellation agreement can be far worse than not signing it at all,” Professor Fitzgerald wrote. The BIS`s Victorian agreement has more to do than infrastructure. The agreements cover cooperation in the fields of biotechnology and life sciences, research and high-end manufacturing, all of which also have important applications and implications for national security. All of this, too, needs to be reassessed from a national perspective. The Belt and Road initiative aims to improve physical infrastructure through land corridors that roughly correspond to the ancient Silk Road. These are the belts in the name, and there is also a maritime silk road. [50] Infrastructure corridors, which cover some 60 countries, mainly in Asia and Europe, but also in Oceania and East Africa, will cost between US$4 billion and US$8 trillion. [51] [52] This initiative contrasts with the two U.S.-focused trade agreements, the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership. [52] The initiatives are supported financially by the Silk Roads Fund and the Asian Infrastructure Investment Bank, while they are technically coordinated by the B-R Summit Forum. Land corridors include:[50] From a Chinese perspective, Africa is important as a market, supplier of raw materials and platform for the development of the new Silk Road – African coasts should be included. In the Kenyan port of Mombasa, China has built a rail and road link to the interior of the country and

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