EVOLVING REGIONAL AND GLOBAL DYNAMICS AND FUTURE OF CPEC

Abstract

The CPEC is a vital element of BRI. In this paper, an effort was taken to study the evolving regional and global dynamics of the CPEC and its future. China has initiated a mega project named Belt and Road Initiative (BRI) related to infrastructure development and global connectivity. Its development strategy aims to strengthen connectivity and cooperation across six major economic corridors from Singapore to Syria including commercial and cultural transmission routes of the Asian continent connecting the rest of the world. Policy coordination, connectivity of facilities, unhindered trade, people-to-people contacts, and financial integration are the important aspects of BRI. It follows the principles of globalization through international cooperation and interdependence. The goals of the BRI are to foster peace, prosperity, openness, green development, innovation, and a road that unites different civilizations. This study aimed to analyze the geopolitical, geostrategic and geo-economic significance of the BRI along with the convergences and divergences of global and regional stakeholders with a focus on socio-economic development of Pakistan under CPEC. In this study, SWOT analysis was carried out, mainly focusing on the events connected to the CPEC. This project has the potential to integrate geopolitical and geo-economic environment in Asia, the Middle East, Africa and Europe. It is the practical manifestation of China's vision of "Peaceful Rise" and regional integration for a win-win situation for partner countries. CPEC is considered to be the “flagship project” and a game-changer for its potential to link sea and land routes. Nonetheless, this project is planned to be completed by 2030 to generate tangible outcomes.