News: The European Union has come together to form its own infrastructure plan to connect the European Nations to the world. Many have cited this move of EU as a counter or a rival against China’s Belt and Road Initiative. Read News Here.
Let’s understand in simple language.
Watch an interesting video about the G7 B3W project here.
Last month in June 2021, seven most developed nations met in Cornwall, England which is popularly known as the G7 Summit. The focus of this summit mainly hovered over countering the growing influence of China in the world and came up with a B3W (the Build Back Better World Project). It is estimated that the B3W project would cost around 40 trillion dollars much more than China’s Belt and Road Initiative which is costing around 6 to 8 trillion dollars.
Also, it’s important to note that one of the member countries of G7, Italy was actually one of the first ones to back and participate in China’s BRI Project. And recently, Italy’s Foreign Minister met with the Indian minister, Piyush Goyal in a virtual summit. Read More here.
And now, the European Foreign leaders have agreed upon building a similar infra. To connect the European countries to the world. It is believed that China’s BRI would create an influence in favor of the Asian nation which might hamper trade, and economic activities of western nations particularly Europe.
Moreover, the EU has signed deals with Delhi and Tokyo to coordinate transport, energy, and digital projects connecting Europe and Asia. This new Infra. project linking Asia and Europe will be known as “A Globally Connected Europe” project.
From UPSC perspective whats important?
- Read about China’s Belt and Road Initiative. ( both for pre and mains)
- Read about G7 and thier recent meeting in England. Also study about Carbis Bay declaration and B3W project.
- For mains, prepare India’s relation with European Nations, USA, have a focus on Italy since recently India and Italy has signed a joint Economic Cooperation. Read here.
- Should India join the B3W and EU infran projects linking countries with each other or should we accept China’s BRI? Critically analyze? What are the benefits and what all sacrifices does India have to pay for joining one and refusing other?.
- Also read about Mutual Vaccine certificate, and COWIN registration acceptance between Italy and India.
- Prepare about the strategic importance of Indian Ocean to India, Japan, Australia, Usa (QUAD group) along with Italy and other G7 nations. Here include points about naval drills and counter China measures to be taken.
Image : https://en.wikipedia.org/wiki/Belt_and_Road_Initiative
More on this website for your UPSC Preparation:
INTERNATIONAL RELATIONS: https://currentaffairsupsc.in/international-relations/
SCIENCE AND TECHNOLOGY: https://currentaffairsupsc.in/science-technology/
ENVIRONMENT & ECO.: https://currentaffairsupsc.in/environment-ecology-and-biodiversity/