Q) The proposal of B3W is definitely a welcome step to contain the adverse implications of Chinese mega plan but lacks coherent thoughts and proper planning at this stage. Discuss.
Why this Question?
Issue of current importance.
Key demand of the Question
Discuss what is the B3W proposal, its significance and challenges.
Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.
Start with a context of the question.
In the first part, discuss the significance of the B3W proposal by G7.
In the next part, mention the challenges in its implementation.
Conclude with a way forward.
Recently, G-7 leaders have come out with the Build Back Better World (B3W) proposal. The proposal aims to address the infrastructure investment deficit in developing and lower-income countries. It thereby seeks to counter China’s rising influence across 100-plus countries through Belt Road Initiative (BRI) projects. Through BRI projects, China seeks to deploy corrosive tactics or debt traps for its strategic dominance in trade, foreign policy, and geopolitics in the world.
Significance of B3W proposal
- Values-Driven Development: Infrastructure development carried out in a transparent and sustainable manner—financially, environmentally, and socially —will lead to a better outcome for recipient countries and communities.
- Good Governance and Strong Standards: B3W to infuse investment by complying with the standards promoted by the Blue Dot Network, relating to the environment and climate, labor and social safeguards, transparency, financing, construction, anti-corruption, and other areas.
- Climate-Friendly: The investments will be made in a manner consistent with achieving the goals of the Paris Climate Agreement.
- Strong Strategic Partnerships: B3W will envisage countering the aggressive model of development and establish a more inclusive model of global development.
Challenges that need to be addressed
- The proposal B3W is still at a nascent stage and lacks proper planning.
- It lacks coherent thoughts that will give it vision in the long term.
- The role of countries like India who have been a strong opponent of B3W is still not defined under the proposal.
- Any plan formulated by vibrant democracies such as these countries usually takes time and has to go through many diplomatic and bureaucratic twists and turns.
The BRI of China has already developed and established itself to a certain extent in different countries. For a matter of fact, though B3W is a late step but it is definitely a welcome step. But it has to make sure that it addresses the major challenges in its implementation and for that the G7 countries must build global consensus and deliver projects in a time-bound manner.