BRICS: 155 Countries Sign Belt & Road Initiative With China For Trade
BRICS member China is leading all developing countries to fall under their ‘ Belt and Road Initiative ’ (BRI) for global trade. China launched the Belt and Road Initiative a decade ago to help finance developing countries build better infrastructure, ports, and railways, among others. The initiative is now a success as several countries received loans from China to build better infrastructure for trade. Developing countries now owe China $1.1 trillion in loans through the BRI initiative. Also Read: BRICS Currency To Be Attractive Than US Dollar, Pound & Euro: Minister China announced early this year that it would build a railroad from the Chinese city of Kashgar to Pakistan’s Gwadar port. The cost to build the railroad from Pakistan to China stands at a staggering $58 billion. BRICS country China said that the railroad to Pakistan will be built to reduce dependency on the West for trade. Therefore, BRICS aims to end dependency on the US and the West f...