Mains Paper 2: IR| India and its neighborhood- relations.
From UPSC perspective, the following things are important:
Prelims level: Belt and Road Initiative
Mains level: Concerns raised by Belt and Road Initiative
- Italy set to become first G7 country to join ‘Belt and Road’ initiative.
- The G7 or the Group of Seven is a group of the seven most advanced economies as per the International Monetary Fund (IMF).
- The seven countries are Canada, USA, UK, France, Germany, Japan and Italy. The EU is also represented in the G7.
- These countries, with the seven largest IMF-described advanced economies in the world represent 58% of the global net wealth ($317 trillion).
- The G7 countries also represent more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity.
- The requirements to be a member of the G7 are a high net national wealth and a high HDI (Human Development Index).
Eyebrows raised in West
- Italy’s decision to get closer to Beijing has caused concern amongst its Western allies notably in Washington.
- The White House National Security Council has earlier urged Rome not to give ”legitimacy to China’s infrastructure vanity project”.
- Critics of the BRI say it is designed to bolster China’s political and military influence, bringing little reward to other nations, and warn that it could be used to spread technologies capable of spying on Western interests.