In June 2021, the G7 countries, in cooperation with the Biden administration, launched the Build Back Better World (B3W) initiative, to counter China’s Belt and Road Initiative (BRI). The BRI was initiated by China in 2013, aiming to improve connectivity and enhance global trade and economic growth across Asia and beyond. Since its inception, the project has increased China’s economic influence on developing countries like Pakistan through projects such as the China-Pakistan Economic Corridor (CPEC) and the Central Asia Economic Cooperation (CAEC).
There are three major motives behind the B3W initiative: first, China’s competition with the U.S. Much of China’s international trade passes through the Malacca Straits and the coast of Singapore. The second key motive is the building of a sustainable connectivity network to connect China with the world. Finally, it aims to stimulate the economies of China’s central provinces by supporting businesses, allocating budgets generously, and encouraging businesses to compete for BRI projects.
