BRI seen as stabilizing force for global trade

Former political leaders from the Global South have underscored the Belt and Road Initiative's role as a stabilizing force amid rising global protectionism, and called for renewed efforts to deepen high-quality cooperation that promotes openness, connectivity and shared development.

The political figures are members of the Advisory Council of the Belt and Road Forum for International Cooperation, who met in Ningbo, Zhejiang province for an annual meeting on Thursday.

Partners involved in Belt and Road construction should uphold common interests and international fairness and justice, defend the multilateral trading system and international economic order, and safeguard free trade, they said.

Erastus Mwencha, former deputy chairman of the African Union Commission, said that Africa stands to benefit from its participation in the BRI, which will continue to ensure enhanced mutual benefit, resilience and equitable integration into the global economy.

"The escalation of tensions and tariff regimes threatens global trade norms, but it also offers BRI partners an opportunity to reinvigorate the initiative and to continue to deepen collaboration among the partners while offering the world a platform to effectively safeguard the multilateral trading system for all," Mwencha said.

He said that Africa should continue to see the BRI as a catalyst for inclusive growth and global economic cooperation.

In Mwencha's view, cooperation on the digital economy and AI should be prioritized under the Belt and Road Forum for International Cooperation to foster inclusive growth, technological leapfrogging and sustainable development.

Former Egyptian prime minister Essam Sharaf said that the BRI is one of the most important international cooperation platforms in the world today, and it carries the development aspirations of many countries and holds historic significance.

"By enhancing connectivity and partnerships, we have achieved closer global ties. We plan together, build together and share the benefits together."

Anwaar-ul-Haq Kakar, former Pakistani caretaker prime minister, said, "Under the BRI framework, we are moving ahead in a fantastic direction."

Pakistan has always benefited from the friendship with China — both strategically and economically, Kakar said, adding that with China's support, Pakistan looks forward to advancing and strengthening its manufacturing sector.

Vice-Foreign Minister Ma Zhaoxu, who delivered a speech at the meeting, said that high-quality Belt and Road cooperation will provide more development opportunities for all countries and bring greater positive energy and stability to the world.

At present, the BRI has established a global partnership network involving more than 150 economies and launched thousands of cooperation projects.

China has become the main trading partner of more than 150 countries and regions and has become a major source of investment for an increasing number of countries, Ma said, adding that in the first quarter, trade with BRI partner countries accounted for 51.1 percent of China's total foreign trade.

China is willing to work with BRI partners to further strengthen trade and investment cooperation, and jointly safeguard an open, fair, inclusive, just and nondiscriminatory multilateral trading system that is centered on the World Trade Organization and based on rules, he said.