Belt and Road Initiative

Recently, Panama has officially announced its withdrawal from China’s Belt and Road Initiative.

• President Jose Raul Mulino declared that the canal’s control is not negotiable. This move signals Panama’s intent to reaffirm its sovereignty over the Panama Canal which is an 82-kilometer artificial waterway connecting the Pacific and Atlantic Oceans.
• Also Italy, which became the first major Western nation to join the initiative back in 2019, officially withdrew in late
• BRI is China’s strategic initiative, launched in 2013 and aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.
• The aim is improving regional integration, increasing trade and stimulating economic growth.

The initiative includes two principal components: the Silk Road Economic Belt and the Maritime Silk Road.