India likely to join B3W project to counter China’s BRI; India-SA TRIPS proposal gets support at G7

By Financial express

India and the G-7 member countries have agreed on an infrastructural proposal of Build Back Better World (B3W) as an alternative to the Chinese Belt and Road (BRI). Keeping in mind the principles of “transparency and inclusion’’, this was endorsed at the G7 summit that concluded on Sunday in Corbis Bay, UK.

“However, there were no specific commitments on how they will mobilise resources for B3W and what would be the strategy to implement them,” opines Prof Rajan Kumar, School of International Studies, JNU.

The member nations also discussed the need for a “free, open and inclusive” Indo-Pacific, vaccines and climate and other issues. During the summit, the G7 committed to donating a billion vaccines to poorer countries.

Who proposed B3W?

It was a project proposed by the US President Joe Biden and is expected to be led by the major democracies. These countries are likely to pool in technological and financial help in the trillion dollar infrastructure project, which will help the developing world.

Will India participate in the project?

Yes. Briefing the media at the end of the G-7 summit late Sunday evening (June 13, 2021), Secretary (Economic Relations), Ministry of External Affairs, P Harish, confirmed that relevant agencies in India will study the plan and will engage with the project later.

India seeks support on patent waiver

Prime Minister Narendra Modi in his virtual intervention at the summit, sought “strong support” from the G7 countries for the joint India-South Africa proposal for a TRIPs (Intellectual Property Rights) waiver COVID vaccines and medicines.

Responding to a query, Secretary P Harish said, “Though the European Union is yet to endorse this proposal, all the G7 member countries supported “text-based negotiations” on the TRIPS waiver proposal.”

Facebook Comments

financial express
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button