A UAE newspaper has said that globalisation has reached such a stage where reversing it cannot be considered an option any more. Positive cooperation, alignment and true partnership are the only way forward for countries. Protectionism just does not fit into the present scheme of things.
In an editorial on Tuesday, the Gulf Today said, "In this background, China deserves a pat for presenting itself as a champion of globalisation, even while the United States and some other countries exhibit a passion to embrace protectionism. US President Donald Trump repeatedly taunts the world with his "America first" slogan.
"The "One Belt, One Road" project is China’s biggest foreign initiative to date and calls for expanding trade across Asia, Africa and Europe with multibillion-dollar investments in ports, railways and other facilities. The vision is noble in the sense that participating countries will be hugely benefited.
"Chinese President Xi Jinping has made it clear that the project has no political agenda. A joint statement by the leaders has also allayed fears that Beijing is trying to create a China-dominated bloc and rewrite global trade rules.
"The joint statement emphasises, "We endeavour to promote a universal, rules-based, open, non-discriminatory and equitable multilateral trading system with World Trade Organisation at its core."
"United Nations Secretary-General Antonio Guterres has even drawn comparisons between China’s initiative and the Sustainable Development Goals, saying both are rooted in a shared vision for global development.
"According to him, both strive to create opportunities, global public good and win-win cooperation. And both aim to deepen connectivity across countries and regions: connectivity in infrastructure, trade, finance, policies and, perhaps most important of all, among peoples.
"It should be noted that the initiative includes nearly $1 trillion worth of infrastructure investments in Africa, Asia and Europe.
"China and the UAE have adopted a similar approach to economic development. Both countries share the same core beliefs in the essential connection between trade, partnership, peace and prosperity.
"Participating in the Belt and Road Forum for International Cooperation, Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and CEO of the ADNOC Group, has affirmed that the UAE strongly supports the initiative.
"As Al Jaber outlined in perfect detail, better coordination on the three core sectors of energy, infrastructure and transportation will have a positive impact that goes far beyond this region. Success of the Belt and Road initiative will also strengthen ties, foster stability and encourage cooperation on a variety of issues of common interest."

Source: WAM