By: Naseebullah Khan
Global gateway is a new increase for the supremacy of power politics. The USA along with China were already engaged in a tug of war, whereas, the European Union has now categorically stepped into power corridors, by announcing a mighty scheme worth 300 billion euros. The documents released by the European commission articulate that the scheme will be implemented in six years of the span from 2021 to 2027.
The plan is to invest in transportation, environment, digital cooperation, energy, education and research, health, climate change, and net-zero across the globe, with a special focus on investment in Africa, Central Asia, and Latin America.
According to the official website of the European Union, the principles of the initiative will be based upon;
1: Democratic values and standards
2: Good governance and transparency
3: Equal partnership
4: Security focus
5: Green and Clean energy
The documents emphasize collaboration in the reduction of disease and help in pharmaceutical supply chains to the poor countries. Whilst, focus will be on quality education, girls education, digital education, research, innovation, Strengthening higher education, training, and Scientific exchange. Moreover, clean and green energy and cooperation in Climate-resilient projects, construction of smart grid stations, developing renewable energy, and hydrogen production have prime importance.
Notwithstanding, cooperation in Fibre cable optics, to decrease the digital divide, overcoming cyber threat security, protection of the people from unwarranted surveillance of companies and countries, investing in underwater cable equipment with Ocean monitoring sensors, Artificial Intelligence, and space-based research communication will be part of the global gateway. The mushroom investment will take place in a suitable, as per the documents, in smart, resilient, transparent, the network of rail, roads, ports, airports, and borders crossing projects along with sports exchange groups, strengthening societal links, and cultural cooperation.
Financially, the EFSP (European fund for sustainable development) will provide 135 billion euro, 18 billion Euro will be provided by the EU from its budget as a grant, while, the EFDFI (European financial and development finance insurance) will provide 145 billion euro.
Before initiating the global gateway, the EU was already working on the EU_Asia connectivity strategy 2018, an economic plan for western Balkans, and a trans-European transport network. The current initiative will be aligned with the B3W of G7 countries, Cop26, the Paris climate agreement, and the SDGs 2030.
Will this encounter the BRI of China? Answering this query, the President of the European Commission, Ursula von der Leyen replied without mentioning China that “Financing will be on fair and favourable terms so that to limit the risks of debt distress.” Will this huge gimmick of marvellous investment aligned with the G7 might initiative B3W encounter the BRI of China. The answer is uncertain.
The writer is a freelance columnist. He tweets at @Naseebk95976870
