Australia on Wednesday cancelled two deals struck by its state of Victoria with China on Beijing’s flagship Belt and Road Initiative, Prompting the Chinese embassy in Canberra to warn that already tense bilateral ties were bound to worsen.
About the deal with China;
The BRI agreements were inked after Victoria launched an ambitious 10-years strategy aimed at bolstering relations with China, But provided only a framework for future cooperation and were not legal binding. But it was widely expected that Canberra would intervene after Prime Minister Scott Morrison voiced his opposition to the Plan.
BELT and ROAD initiative;
The BRI was initiated in 2013 and it is Chinese President Xi Jinping’s grand plan to connect Asia with Africa and Europe via land and maritime trade networks to create new routes for China.
The name was coined in 2013 by China’s President Xi Jinping, who drew inspiration from the concept of the Silk Road established during the Han Dynasty 2,000 years ago. The BRI has also been referred to in the past as ‘One Belt One Road’. The BRI comprises a Silk Road Economic Belt- a transcontinental passage that links China with south east Asia, south Asia, Central Asia, Russia and Europe by land- and A 21stcentury Maritime Silk Road, a sea route connecting China’s coastal regions with south east and south Asia, the South Pacific, the Middle East and Eastern Africa, all the way to Europe.