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OTHER ALTERNATIVES TO BRI
India–EU Global Gateway Conference Connectivity for Asia and beyond
India and the EU are holding a crucial dialogue on connectivity and building infrastructure in the Indian subcontinent under the Global Gateway (GG) Conference. Based on the three pillars: Digital, Energy and Transport, the talks will unfold new possibilities in the region. This was also identified as a key deliverable in the recently concluded Ministerial Meeting of the India – EU Trade and Technology Council (TTC).
Global Gateway (GG) is the EU’s ₹300 billion international investment project. This is the biggest investment roadmap ever. In terms of financial commitment, several agencies within the EU–the Neighbourhood, Development and International Cooperation Instrument (NDICI)-Global Europe, InvestEU and European Fund for Sustainable Development all together commit upto ₹135 billion for guaranteed investments for infrastructure projects between 2021 and 2027.
Why is it needed?
• Global Gateway is intended to shape and redefine the norms of global infrastructure projects from Asia to Africa.
• EU’s Global Gateway provides a positive offer for its partners by financing them under fair and favourable terms in order to limit the risk of debt distress in contrast with China’s BRI.
• At the heart of the Global Gateway is the connectivity that puts India at the center stage amidst ongoing greatpower competition. It derives its strength from the EU Strategy for Cooperation in the Indo-Pacific which was laid down by European Council in April 2021.
• Under the GG, the EU is also finding ways to embrace opportunities for Indian infrastructure developmental projects and connectivity in the Indian subcontinent.
| Why India’s stance on BRI projects matters to China? India as an immediate neighbour and an important player in the region remains very relevant to Chinese neighbourhood policy. Strengthening BRI’s legitimacy: Despite being unilaterally proposed, the BRI is/shall be bilaterally/ multilaterally pursued. Taking India on board in discussion is much needed for supporting BRI’s legitimacy. Effective achievement of BRI’s policy objectives: The five priority areas of BRI namely, policy coordination, facilitating connectivity, unimpeded trade, financial integration and people-to-people bonds can be better achieved at various levels with Indian cooperation. G lobal Peace: An active Indian engagement would promote a sustainable relationship which would go a long way in promoting international peace and prosperity. Indian markets are a fertile ground for Chinese investment: Involving India in the BRI negotiation would help dispel any mistrust that both countries may have against each other, thereby paving way for increased investment and enhanced cooperation in other areas of international importance. |
Conclusion
Theoretically, if India’s political and strategic concerns are met, the initiative could be seen as viable, particularly given that many of the projects envisaged under the BCIM (Bangladesh China India Myanmar) corridor and the Asian Highway project would dovetail into OBOR. Already all of India’s neighbours (with the exception of Bhutan) are a part of it, and India too is keen to increase connectivity with them. However, tense bilateral relations with China, deep mistrusts and India’s growing concerns over Chinese hegemonic intentions in South Asia and Indo-Pacific region make it practically unlikely that India will ever consider joining this project