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Jakarta Post

Three keys to ensure Belt and Road’s success: ICC

  • Dewanti A. Wardhani

    The Jakarta Post

Hong Kong   /   Wed, October 31, 2018   /   12:36 pm
Three keys to ensure Belt and Road’s success: ICC China’s proposed Belt and Road Initiative (China Daily/File)

The International Chamber of Commerce’s (ICC) International Court of Arbitration has stated that there are three keys to ensure that China’s Belt and Road Initiative can be successful in the long run.

The three keys, said Alexis Mourre, the president of the ICC’s International Court of Arbitration, were transparency and sustainability as well as a reliable and neutral dispute resolution system.

The issue of BRI’s transparency and sustainability, Mourre said during a discussion at the Hong Kong Arbitration Week (HKAW), had been previously discussed at length by International Monetary Fund (IMF) managing director Christine Lagarde who called on China to ensure that the project was transparent.

“The IMF has previously highlighted [the issue of transparency and sustainability],” Mourre said.

Earlier this year, Lagarde said strategies must be prepared to address challenges in the balance of payment, especially in countries where public debt was already high.

“A good starting point is ensuring transparent decision-making. An overarching framework between various agencies involved in the Belt and Road Initiative would help provide clarity to all stakeholders,” she said in a speech in Beijing.

As for a dispute resolution system, Mourre said a reliable and neutral dispute resolution system was needed to attract and build confidence for non-Chinese parties participating in the initiative, considering the fact that the project involved over 70 jurisdictions, with hundreds of trillions of dollars worth of investments across Asia, Europe and Africa. (dwa)