BRI proved to be economic lifeline for Pakistan: Iqbal

Planning Minister Ahsan Iqbal has said that the multibillion-dollar China-Pakistan Economic Corridor (CPEC) – under the Belt and Road Initiative – had injected stability into Pakistan’s economy at a time when the country’s economy was teetering on the brink, and equipped it with the much-needed resources to overcome its challenges while improving overall security situation.

“Had this stabilisation through CPEC not taken place, had the economy not generated resources, we could never defeat extremism in our war against terrorism,” Iqbal said at the Boao Forum for Asia held under the theme of “An Uncertain World: Solidarity and Cooperation for Development amid Challenges.”

He lauded the CPEC for enabling Pakistan to meet its energy and food security as he recalled the worst energy crisis that hit the country in 2013 that had triggered social chaos and riots while “the social and economic fibre was also almost breaking down”.

Moreover, the initiative also rebuilt the country’s jaundiced infrastructure, created jobs and normalised political and social temperature, he added.

The minister believed that besides fostering cooperation among the regional countries, Pakistan believed that the Belt and Road Initiative (BRI) would also prove to be a catalyst for bringing about changes in shaping a world with peace and shared prosperity.

Read more: BRI is an opportunity for all countries: Iqbal

However, he hoped that more such initiatives were also pursued by the G7 countries but “not in spirit of competition but in the spirit of collaboration” and called on other countries to follow suit by focusing on shared goals of eradicating world poverty and achieving sustainable development.

He also spoke highly of the Global Security Initiative, the Global Development Initiative, and the Global Civilization Initiative proposed by Chinese President Xi Jinping, adding that Pakistan shared its all-weather friend’s vision.

President Xi put forward the Global Development Initiative at the 76th session of the UN General Assembly in September 2021. He proposed the Global Security Initiative at last year's BFA -- an initiative endorsed as 'the need of the hour' by almost all participants of the BFA this year.

Noting that the BRI initiative had greatly helped countries to improve their economic and security situation, Iqbal said it was important for developing countries to learn from China's experience and strive to achieve and ensure political stability along with continuity of policies.

His comments about the G7 countries initiative came as the United States aims to raise $200 billion in private and public funds over five years to fund needed infrastructure in developing countries under a G7 initiative aimed at countering China's multitrillion-dollar Belt and Road project.

Increasingly worried about China’s economic rise and political clout, G7 leaders formally launched under the title, "Partnership for Global Infrastructure and Investment".

“We must encourage and facilitate diplomatic dialogue and negotiations as the primary goal of resolving disputes which also includes enhancing the role of international organisations such as the United Nations in conflict-resolution and peacekeeping efforts”

However, he regretted that the UN’s role in conflict management during the past two decades has reduced and stressed the need for multilateral cooperation to enhance its role to achieve the goals inscribed in its charter.

The minister also said that Pakistan endorsed greater democratisation of the United Nations “but in a way that does not create further regional hegemons”, and stressed that the mechanism should adopt a participatory and inclusive approach whereby the collective wisdom of all sovereign nations is deployed to achieve the targets and cure the root causes of conflicts.