Belt And Road Agreement

From 2025, the Brenner Base Tunnel will also connect the Upper Adriatic with southern Germany. The port of Trieste, which, together with Gioia Tauro, is the only deep-water port in the central Mediterranean for seventh-generation container ships, is therefore a special objective for Chinese investment. In March 2019, the China Communications Construction Company (CCCC) signed agreements to promote the ports of Trieste and Genoa. As a result, the annual transhipment capacity of the port will increase from 10,000 to 25,000 trains in Trieste (Trihub project) and will create a reciprocal platform for the promotion and management of trade between Europe and China. It is also about promoting logistics between the port of North Adria and Shanghai or Guangdong. These include a Hungarian public investment of €60 to €100 million for a 32-hectare logistics centre and €45 million in funding from the European Union in 2020 for the extension of the rail system in the port city. In addition, the Hamburg Port Logistics Group HHLA invested in September 2020 in the logistics platform of the Port of Trieste (PLT). [82] The upheavals of the pandemic have exacerbated tensions with respect to China, the package of emerging forces recognized by the United States as an economic and military threat. To weaken China`s influence over Australia, Australian Prime Minister Scott Morrison is trying to scrap agreements that states have made with foreign powers. There is a broad view that the legislation is aimed at the Victorian government, which has signed an agreement to join the Belt and Road Initiative (BRI), a comprehensive infrastructure construction plan initiated by President Xi Jinping. The negative connotation of this initiative stems from concern about the Chinese government`s unregulated interference in participating countries, which puts Australia at high risk. However, the colossal infrastructure plan is being developed with the vision of us opening a new era of growth in infrastructure and the global economy. The ongoing debate over whether the BRI is a prosperous opportunity or a long-term threat to a nation has put Australia in a dilemma.

“Belt” is short for “Silk Road Economic Belt” and refers to the proposed road and rail transport routes through Inland Asia along the famous historical trade routes of the western regions; while “route” is short for “Maritime Silk Road of the twenty-first century” and refers to Indo-Pacific sea routes through Southeast Asia to South Asia, the Middle East and Africa. [8] But when asked if he was thinking about the Belt and Road deal in light of its posting on Twitter and the aggressive escalation of Chinese rhetoric since then, the prime minister had a one-word answer: “No.” In October 2018, Victorian Prime Minister Daniel Andrews signed a Non-Binding Memorandum of Understanding (MOU) with the National Development and Reform Commission for Bri Cooperation. Andrews sees in this initiative, although controversial, great opportunities for the economic and financial growth of the state, such as the creation of jobs and business opportunities, as well as the attraction of investment. In October 2019, Andrews signed a non-binding “framework agreement” to set out certain guidelines for the implementation of the MUO. One of the key objectives of the agreement is to promote Victorian infrastructure enterprises in China and to participate in third-party markets. Similarly, the agreement encourages Chinese companies to tender for projects in Victoria. Let`s look at the details of what Victoria signed. According to a study by the University of Antwerp, the sea route via Trieste significantly reduces transport costs….


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