OBOR seen ushering in new economic world order

LAHORE: China’s “One Belt, One Road” (OBOR) initiative is set to play a momentous role in creating a new world order based upon equality and openness towards the economic opportunities existing around the globe, an industry official said on Monday.

“With its focus on infrastructure, the OBOR initiative promotes a more sustainable and inclusive version of globalisation compared to the one led by Western countries,” Shah Faisal Afridi, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) said addressing a meeting of the PCJCCI think-tank.

Afridi said it was a significant development strategy launched by the Chinese government with the intention of promoting economic co-operation among countries along the proposed Belt and Road railway routes.

“The PCJCCI have unanimous view that evolution on OBOR will also pave way for policy co-ordination, facilities connectivity, unimpeded trade, financial integration, and people-to-people bonds between the partner countries in future,” he said.

The PCJCCI official was of the view that the initiative had been designed to enhance the orderly free-flow of economic factors and the efficient allocation of resources.

“The project has also a wide scope of further market integration and creates a regional economic co-operation framework of benefits to all,” he added.

He informed the meeting that the railway track under OBOR would be focusing on linking China to Europe through Central Asia on one side and connecting China with the Middle East through Central Asia on the other side by also knitting China with South Asia and the Indian Ocean.

“It will also create connectivity of China with Europe through the South China Sea and Indian Ocean,” he added.

President PCCJCI said China was playing an increasingly central role in the global economy, which was also reflected in Pakistan-China relations.

“China is Pakistan’s largest trading partner, with total volume exceeding $20 billion and through the railway track expansion under OBOR the bilateral trade will become more accessible and beneficial for Pakistan too,” Afridi said.