Egyptian Diplomat: "the belt and road initiative" Initiative is an "antidote" to "Anti-globalization"

Source: China Daily

In recent years, the wave of "anti-globalization" and "decoupling" has been one after another, and some important international institutions have been paralyzed. However, the important role of globalization in economic growth and social stability cannot be ignored. The deep integration of the world economy and the interconnection of countries around the world are historical trends that will not be easily reversed. The successful practice of initiatives such as the "Belt and Road" demonstrates the positive power of globalization and reflects that globalization is the need of the times.

In the past 10 years, the trend of "anti-globalization" has risen. Some people call for "decoupling" to curb trade imbalances, control immigration, and improve the unequal distribution of property and wealth. Many major events in recent years, such as Brexit, the Trumpism, the Ukraine crisis, supply chain issues, the global energy crisis, and the decline in foreign direct investment over the past decade, have led some to believe that the world has entered the "era of deglobalization".

However, populists deliberately ignore the benefits of globalization for political purposes, which is a huge mistake. The benefits of globalization, such as cultural exchange, market access, lower product costs, unimpeded trade, the spread of technology and innovation, better use of talent, and improved global living standards, are essential for economic growth, human development and social stability.

Over the past three decades, the credibility of the United Nations has been damaged, and many important United Nations institutions have been paralyzed by vicious competition among States. But it is undeniable that if we dissolve the United Nations today, we are likely to restart it tomorrow, because the challenges we face today are global in nature. In fact, the United Nations system, including the United Nations International Children's Emergency Fund, the International Civil Aviation Organization, the World Health Organization, the World Food Programme, the United Nations Population Fund and many other agencies, is an effective tool to deal with today's challenges such as global warming, epidemics, poverty and the green energy transition. In other words, the failure of the UN Security Council in preventing war and its shortcomings in maintaining peace should not affect our judgment that "the UN system is useful.

Similarly, the World Trade Organization was created to promote trade for the benefit of all, to manage competition, regulate trade practices, resolve trade disputes, and create a platform for negotiating trade agreements. However, its authority and reputation have also been undermined, including the delay in arbitration proceedings and the inability to agree on new rules for agricultural products-highlighting the differences of opinion between developing and developed countries, because these rules benefit multinational companies in developed countries but hinder the development of nascent industries in developing countries-not to mention the persistent problem of protectionist tariffs.

Source: Xinhua News Agency

At a time when this negative sentiment has cast a shadow over global action, the "Belt and Road Initiative" initiative has played a unique role in promoting investment, creating jobs and upgrading the infrastructure needed for trade. Its scale is almost the largest since the end of World War II. Since its launch in 2013, the "Belt and Road" initiative has attracted the participation of more than 150 countries and more than 30 international organizations, and signed more than 200 agreements to connect the five continents and the four seas.

While the West criticized and questioned the "Belt and Road" initiative, the United States proposed its own "Rebuilding a Better World" initiative in June 2021, and the European Union also proposed the "Global Gateway Initiative" in December of the same year ". These two initiatives are based on the same basic principles as the "Belt and Road", which shows that China has successfully challenged the existing geopolitical framework in Africa, Latin America, and even East and Southeast Asia. Two major Western initiatives have also demonstrated the importance of global trade to human development and economic growth.

In addition, technology has unleashed a powerful dynamic of globalization, whether in international travel, finance and trade, or in dealing with transnational crime, terrorism and health threats.

Some people think that anti-globalization has become an established fact, but the data do not fully support this view. A closer look at the economic data shows that although governments are adopting various policies to enhance their economic resilience, the degree of globalization of the world economy in key areas is still deepening rather than weakening, especially the increasing dependence on "made in China. During the epidemic, global trade surged, and the world's trade with China not only did not slow down, but continued to rise. Part of the reason is that the focus of trade during the epidemic has shifted from services to goods, but the growth of trade with China also reflects the fact that China produces high-quality, high-tech export products that are extremely competitive in terms of prices, including electric vehicles, wind turbines, solar panels, and important electronics and battery components.

Source: China Daily

"Tariff wars" have always attracted news reports, but they should not be seen as evidence of anti-globalization. For example, although some countries do not have preferential access to the United States market, they can still use the standard trade terms of the WTO to successfully enter the United States market. In fact, US imports from Southeast Asia have surged over the past six years. After the Trump administration withdrew from the Trans-Pacific Partnership (TPP), the export growth of the former TPP countries in Southeast Asia to the United States was much faster than before. Since the introduction of the Trump administration's policy of imposing tariffs on China, China's position in world trade has become more important. Even if the West imposes tariffs on China, the world economy is still deeply integrated. The interdependence of China and the West has simply been masked, not severed.

If we simply watch the decline of international institutions and agreements such as the WTO, it will only reduce the efficiency of the world to maintain peace and achieve prosperity. The anti-globalization rhetoric may soon disappear, but it may also persist, depending on whether policymakers can reform international institutions so that they have enough authority to operate efficiently. It is also important that we accept the reality that although we can form groups based on interests or values, such as the BRICS or the Organization of Petroleum Exporting Countries, global connectivity and trade will remain at the core of the development of human civilization. The "integration of East, West, North and South" advocated by senior Singaporean diplomat Ma Kaishuo may not be as far away as we think today.

In the book "Silver Empire: A New History of China's Currency", Xu Jin pointed out that China's use of silver as a means of currency and taxation during the Ming Dynasty promoted the emergence of early forms of globalized trade. I believe that the "Belt and Road" initiative will further promote the integration of the world and promote global trade connectivity, rather than splitting the trading system into different regions. The "Belt and Road" initiative is exactly what the world needs, and it is also a great vision that the world must strive to achieve.

Source: China Daily

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