Europeans snub trade text at China's Silk Road summit

China's Xi appeals to foreign leaders for freer trade

"The European Commission, who has a mandate, who has the capacity to negotiate on behalf of member states on trade-related issues, we were not given a chance to negotiate on the text", he said "But it's not an issue".

Baglay also mentioned that India is awaiting positive response from China. What kind of dialogue is a meaningful dialogue. They said the initiative was not clear on public procurement or social and environmental standards.

Notably, however, India boycotted the summit to demonstrate its opposition to the China-Pakistan Economic Corridor (CPEC), which is a flagship OBOR project connecting China and Pakistan with road, rail and pipeline links that cross the disputed territory of Kashmir.

"The Belt and Road development does not shut out, nor is it directed against, any party".

Belt and Road is seen as part of China's answer to the Trans-Pacific Partnership deal, a regional trade pact involving Pacific Rim countries, but excluding China.

Xi pledged $124 billion for his new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games.

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"The Belt and Road Initiative is not set by ideology". OBOR, the worldwide community is well aware of India's position.

The Belt and Road summit came as official government data showed signs of a slowdown in growth in China's giant industrial economy. Over past four years since we proposed the BRI, we have always held the principle of extensive consultation, joint contribution and shared benefits. Now, it is the East exporting capital to the West and also to other parts of Asia and they are able to create jobs, bring technology, and provide markets. CPEC is not about the conflict with various sides and will not affect China's position on the Kashmir issue.

"We are of the firm belief that connectivity initiatives must be based on universally recognised worldwide norms, good governance, rule of law, openness, transparency and equality".

However, Xi has welcomed the participation of countries beyond the geographical reach of the project, Bloomberg reported.

"We should build an open platform of cooperation and uphold and grow an open world economy", Xi said in his opening address outlining China's vision. He explained the economic rationale behind massive Belt and Road projects, adding any development plan must necessarily take into account the return on investment, but not all the return has to be in cash or tangible.

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