Over a long stretch of time, Russia has not been able to lure even post-Soviet states either into its common customs union or the Eurasian economic union that was established as an alternative to the EU. Interestingly, China has obtained in no time a great deal of applications for entry into its flagship global infrastructure development program called the Belt and Road Initiative.
The benefits of the collaboration with the world’s second economy inspired not only neighboring countries but also economies around the globe. 140 countries and 31 international organizations have already joined the project. Recently, it became known that Argentina was also entering the strategic partnership. China’s state leader Xi Jinping hosted his Argentine counterpart Alberto Fernández during the top-level talks in Beijing. The policymakers signed a memorandum of understanding. The new participant cost China more than $23 billion that Beijing allocated to the Latin American country for implementing various projects. Therefore, Argentina managed to obtain extra funds to the state budget through a successful application for participation in the global mega project. Apart from the infrastructure program, China and Argentina made 13 agreements on cooperation in a range of sectors such as high technologies, agriculture, education, and mass media.
The BRI project, the centerpiece of China’s foreign policy, aims to reinforce existing trade routes, transport, and economic corridors as well as to build new roads, railways, ports, bridges, railroad tunnels, airports, dams, and power plants. This transnational infrastructure is expected to connect over 60 countries in Central Asia, Europe, and Africa. The project will enable Asian countries to develop trade relations with the rest of the world. Notably, the alternative program has been unveiled by the EU. The European authorities are committed to provide lavish investments within the framework of the Global Gateway project that is a competitive alternative to the Chinese Belt and Road Initiative. The EU intends to invest $300 billion by 2027 to support infrastructure development around the world.
