Why Brazil Rejected China’s BRI Plans! | UPSC Current Affairs 2024
Автор: NEXT IAS
Загружено: 2024-10-30
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In a major setback to China's Belt and Road Initiative (BRI), Brazil has reportedly decided against joining Beijing's multi-billion-dollar initiative and will become the second country after India in the BRICS bloc not to endorse the mega project.
The BRI is a global infrastructure development strategy launched by China in 2013 to connect multiple continents across land and sea.
The BRI includes over 150 countries, 22 of which are in Latin America and was advertised as a “New Silk Road”.
Why is BRI losing its luster?
Unmet promises, environmental destruction, lack of transparency, and strategic reassessment of China forcing many countries to end their involvement with the BRI. For instance, Italy, which was the only G7 country to join BRI, is no longer part of BRI.
Today, BRI lending has made China the world’s largest debt collector and in many cases its investments turn out to be a “debt trap,” especially for developing countries.
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