As the World Trade Organization (WTO) faces challenges, China is pushing forward with efforts to establish an alternative trade framework that aims to reduce American influence and focus on the developing world. This initiative is part of Beijing's broader strategy to strengthen ties with countries in the 'global south,' leveraging its $1 trillion ("$1T") Belt and Road Initiative (BRI) to build a China-centric network of bilateral and regional Free Trade Agreements (FTAs) that promote low tariffs and direct investment. The African Union's recent G20 membership could play a significant role in this context, depending on its ability to form partnerships within the global south. Meanwhile, the scarcity of natural resources has led major powers, including the US and EU, to intensify their collaboration with African nations by investing in infrastructure and connectivity projects, competing with China's first-mover advantage through BRI.
While #China has gained the first-mover advantage over its Western adversaries through its Belt and Road Initiative (#BRI), the #US, #EU, and their Western allies have also decided to set up connectivity initiatives in the region, notes @pr1thv https://t.co/jvjq4yZXtF
China’s plan to reshape world trade on its own terms. Friction with the west has prompted Beijing to build its own alternative system focused on developing nations via @ft https://t.co/j4VMgDCikn
"As the WTO falters, #China is accelerating efforts to construct an alternative trade architecture insulated from US influence...Goal is a 🇨🇳-centric network of bilateral & regional FTAs utilizing a low tariff regime while also promoting direct investment" https://t.co/ODykWpLDvf
Given the dearth of natural resources, all major #powers are intensifying their collaboration with #African countries and investing in #infrastructure and #connectivity projects in the continent, writes @pr1thv https://t.co/jvjq4yZpE7
#AfricanUnion’s #G20 membership offers much to Africa, but whether it will lead to tangible results will depend on its ability to forge partnerships with other countries of the #GlobalSouth, highlights @malancha_1chakr https://t.co/UezL4EqXgB
China is accelerating efforts to construct an alternative trade architecture that is insulated from US influence and centred upon the developing world. In this, Beijing’s main strategy is to capitalize on ties with the “global south” fostered through its $1T Belt & Road… https://t.co/uOsbtbjZBv
As the world trade body falters, China is accelerating efforts to construct an alternative trade architecture that is insulated from US influence and centred upon the developing world https://t.co/ao2oM4K76y