| 03:51
How Nepal stands to benefit from Xi’s One Belt, One Road plan
The One Belt, One Road (OBOR) initiative is part of China’s major policy framework to boost domestic development and foreign diplomacy.
It expects to use the initiative to address growing threats against China, achieve long-term economic benefits, and reduce American maritime primacy that could affect China’s trade and energy lifelines in the future.
China also wants to ‘reconstruct’ the world order to fulfill its interests and become a dominant world power.
What is OBOR?
OBOR, in other words, is a project that involves building of a Silk Road Economic Belt and a 21st Century Maritime Silk Road.
As pointed out by President Xi, the Belt and Road runs through the Eurasia mainland, and links it to the Asia-Pacific economic circle to the east. It also touches the European economic circle to the west.
The OBOR runs through Eurasia, and connects the Asia-Pacific economic circle with the Europe.
Nepal and India in ‘the Belt’
Nepal is one of the 64 countries included in the Belt and Road plan.
- Nepal is one of the 64 countries taking part in OBOR
- China has hinted it wants to ink a free trade agreement
- China understands trade is closely related to security
There is no doubt that Nepal can reap benefits from the improved connectivity. But in addition to that, there are other components of the initiative such as the Asian Infrastructure Invest Bank, and free trade mechanisms that Nepal needs to pay close attention to.
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