G7’s Build Back Better World Initiative

G7’s Build Back Better World Initiative

Part of: GS Prelims and GS -II – International Relations

In news The G7 (Group of Seven) Countries proposed a ‘Build Back Better World (B3W) initiative’ at the recent 47th G7 summit to counter China’s Belt and Road Initiative (BRI).

About B3W

• Aim: To address the infrastructure investment deficit in developing and lower income countries which is being increasingly captured by China through 2,600 BRI projects
• This infrastructure plan is being led by the United States.
• B3W initiative will provide a transparent infrastructure partnership to help narrow about $40 trillion needed by developing nations by 2035.
• It calls for spending hundreds of billions of dollars in collaboration with the private sector while adhering to climate standards and labour practices.

What is China’s BRI?

• It was launched in 2013. 
• It is a multi-billion-dollar initiative that aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.
• It involves development and investment initiatives that would stretch from Asia to Europe and beyond.
• More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure.

What is Group of Seven?

• It is an intergovernmental organisation that was formed in 1975.
• The bloc meets annually to discuss issues of common interest like global economic governance, international security and energy policy.
• G7 countries: UK, Canada, France, Germany, Italy, Japan and the US.
• All the G7 countries and India are a part of G20.
• The G7 does not have a formal constitution or a fixed headquarters. 
• The decisions taken by leaders during annual summits are non-binding.

News Source: IE