Arun Jaitley expresses reservations on China’s ‘One Belt, One Road’ proposal
2 min read 06 May 2017, 06:06 PM ISTAhead of the 'One Belt, One Road' conference in China, finance minister Arun Jaitley says India has serious reservations about OBOR because of sovereignty issues
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Yokohama: Ahead of the ‘One Belt, One Road’ (OBOR) conference in Beijing beginning next week, where China is likely to sell its ambitious connectivity plan to at least 28 heads of states, India has strongly opposed the proposal.
In a first by a senior government minister, finance and defence minister Arun Jaitley speaking at a round table discussion on Asia’s economic outlook organized by the Asian Development Bank said, though India supports the idea of regional connectivity, “I have no hesitation in saying we have some serious reservations about it (OBOR), because of sovereignty issues."
“I think connectivity in principle is a good idea, but in this particular proposal, there are several other collateral issues and this is not the forum to go into it," Jaitley maintained without elaborating on India’s stand when pressed for an answer by the anchor of the round table.
India had earlier opposed the China-Pakistan Economic Corridor, part of the OBOR, as it is proposed to pass through the Pakistan-occupied Kashmir region that India claims its own. India is likely to send a low-ranked official to next week’s OBOR conference in China.
Speaking at the same forum after Jaitley, Pakistan finance minister Mohammad Ishaq Dar said, “Connectivity is the name of the game and with all due respect to some panelists, we strongly support One Belt One Road. It is a very good initiative. We are part of it and we strongly promote this idea."
This is the first time two high-ranking ministers were sharing the podium after the recent flare up of tension between the two neighbouring countries after Pakistani forces killed and mutilated bodies of two Indian soldiers near the line of control on Monday.
On the subject of growing protectionism in the developed world, Jaitley said there is no force in the world that can now prevent trade among countries.
“Notwithstanding the fact that a particular trade deal (Trans Pacific Partnership) may move forward or not move forward, RCEP (Regional Comprehensive Economic Partnership) could move forward, probably it will, but trade is going to move forward. There is going to be movement of natural persons from one part of the world to the other because economies need experts. There is going to be movements of technology, capital, goods and commodities—that is an inherent ingredient of global trade," Jaitley said.
Asit Ranjan Mishra is in Yokohama at the invitation of the ADB to cover its 50th annual meeting.
