Some Important Terms and Definitions
- Silk Road Economic Belt: This is the land-based part of the OBOR project which intends to connect China to Europe through multinational railways, highways, and pipelines. Central Asia, the Middle East, and Russia are its intermediated pathways.
- 21st Century Maritime Silk Road: The sea-based component is designed to strengthen links among China, ASEAN, South Asia, African, and European states through port construction, sea lanes, and other maritime infrastructure development.
- Infrastructure Development: OBOR introduces huge investments in transport, energy, and telecommunication infrastructures for road, rail, air, sea, and internet use.
- Trade Agreements: OBOR stimulates the conclusion of the trade pacts and the dissolution of trade barriers for the transportation and administration of cross-border commerce and investment.
- Cultural Exchanges: Alongside economic ties, OBOR puts a strong emphasis on cultural exchanges and people-to-people contacts supposed to lead to mutual understanding and concord among the cultures and civilizations around the world.
One Belt One Road – Belt and Road Initiative (Silk Road Reborn)
The One Belt One Road (OBOR), rebranded the Belt and Road Initiative, is arguably one of the most ambitious and extensive multilateral initiatives since World War II. Launched by China’s President Xi Jinping in 2013, the OBOR initiative was designed to rejuvenate and popularize the trade routes of the ancient Silk Road while catalyzing economic cooperation between Asia, Europe, and Africa.
Unlike the ancient trade route, the OBOR initiative comprises at least two main parts: the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Furthermore, beyond infrastructure development, trade agreements, and cultural exchange, the “project” seemingly envisions enhancing connections, promoting prosperity, and empowering diplomacy among participating nations.
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