G7’s Build Back Better World Initiative
Part of: GS Prelims and GS -II – International Relations
- 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