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Post at: Aug 07 2021

G7’s Build Back Better World Initiative

Why in News

From 11-13 June, 2021 at 47th G7 Summit in United Kingdom proposed a Build Back Better World (B3W) initiative to provide an alternative China’s Belt and Road Initiative.

Build Back Better World Initiative

  • The initiative launched to address the infrastructure investment deficit in developing and lower income countries.
  • It is a democratic alternative to Belt and Road Initiative (BRI) for vital green infrastructure projects.
  • The overall focus is on developing transportation logistics and communications, which would reduce trade and transaction cost for China’s trade.
  • The initiative will give developing countries access to more, better and faster financing for vital infrastructure project.
  • The initiative is led by United States and will provide a transparent infrastructure partnership to help narrow about $40+ trillion needed by developing nations by 2035.

Guiding principles of B3W:

  • Values Driven
  • Good Governance and strong standard
  • Climate Friendly
  • Strong Strategic Partnership
  • Mobilize Private Capital Through Development Finance
  • Enhance the Impact of Multilateral Public Finance

India’s Stand

  • India is natural ally for G7 countries in defending shared values from a host of threats stemming from authoritarianism,  terrorism and violent extremism.
  • India has expressed concern about China – Pak. Economic Corridor (CPEC) as it is against sovereignty of India.
  • This initiative may be enhance economic growth of India.
  • India has huge experience in case of developmental partnership such as the Asia-Africa growth corridor, infrastructural development in Afghanistan etc.
  • India got opportunity to counter Chinese BRI project and debt trap diplomacy.

 

Conclusion

            B3W Initiative  has started a new era of great-power competition. It is well known that the US-China rivalry is a full-scale, full-spectrum strategic competition for wealth power and influence, both within East Asia and globally. It features competing ideals and models for political governance and economic development, differing views on the structure and rules of the world order structure, and divergent interests.

  • The B3W initiative provides a golden opportunity to India to retake its position of Vishwaguru (Universal teacher)  and strive for greater authority in global affairs.

G-7

  • It is an intergovernmental organisations that was formed in 1975.
  • The G-7 countries are UK, Canada, France, Germany, Italy, Japan and the US.
  • The G7 is not based on treaty and has no permanent secretariat or office.

 

 

Blue Dot Network

  • It is formally announced in November 2019 at the Indo-Pacific Business forum in Bangkok, Thailand.
  • It is led by USA along with Japan and Australia.
  • IT is multi-stakeholder initiative to bring together governments, private sector and civil society to promote high quality trusted standards for global infrastructure development.

 

 

@  Rahul Yadav


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