To facilitate the ease of doing business in the country and to remove the difficulties faced by stakeholders
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| Context: | China is initiating ties with nations for establishment of One Belt One Road initiative. |
| What is One Belt One road initiative? | It consists of two components: a) Silk Road Economic Belt (SREB) b) Maritime Silk Road (MSR)The Belt and Road Initiative aims to connect Asia, Europe and Africa along five routes. The Silk Road Economic Belt focusses on: (1) linking China to Europe through Central Asia and Russia; (2) connecting China with the Middle East through Central Asia; and (3) bringing together China and Southeast Asia, South Asia and the Indian Ocean. The 21st Century Maritime Silk Road, meanwhile, focusses on using Chinese coastal ports to: (4) link China with Europe through the South China Sea and Indian Ocean; and (5) connect China with the South Pacific Ocean through the South China Sea. Focussing on the above five routes, the Belt and Road will take advantage of international transport routes as well as core cities and key ports to further strengthen collaboration and build six international economic co-operation corridors. These have been identified as the New Eurasia Land Bridge, China-Mongolia-Russia, China-Central Asia-West Asia, China-Indochina Peninsula, China-Pakistan, and Bangladesh-China-India-Myanmar. |
| Silk Road history | The Silk Road was a network of trade routes, formally established during the Han Dynasty. The road originated from Chang’an (now Xian) in the east and ended in the Mediterranean in the west, linking China with the Roman Empire.
It reached its height during the Tang Dynasty, but declined in the Yuan dynasty, established by the Mongol Empire, as political powers along the route became more fragmented. The Silk Road ceased to be a shipping route for silk around 1453 with the rise of the Ottoman Empire, whose rulers opposed the West. |
| What will be the effective date? | For curative/declaratory amendments, the amendments will date back to the date of the original law, for substantive amendments, the date of the Amendment Act being made effective. |
| What are the objectives? | Itplans to enhance cooperation in the following 5 areas: a) Policy Communication b) Connecting via infrastructure c) Facilitation of investment and trade d) Financial support e) People-to-people contact It will help in improving the trade but poses security challenge to India due to presence of China-Pakistan Economic Corridor (CPEC). Further MSR poses challenge to India’s maritime presence in Indian Ocean and even South China Sea. |