Wednesday, April 21, 2021

Has Japan Started to Support China’s OBOR Proactively?

We might get to see improved China-Japan relations in terms of Economic Cooperation. China’s highly ambitious One Belt One Road initiative has often been resented Japan including other Asian nations which mind China’s growing regional influence. The One Belt One Road project aims at reviving the traditional silk route so that China’s trade expanse can reach of to Eurasia. 

Japanese companies and Japanese officials are no inclining towards supporting the One Belt One Road initiative of China. As reported by Global Times, top Japanese officials have expressed Japan’s interest in its participation in the One Belt One Road project’s ambitions. Japanese companies too are taking a more positive approach towards the Obe Belt One Road initiative of China. Scholars believe that if China and Japan cooperate with each other in third-party markets then both are bound to reap positive outcomes. Shared objectives under the OBOR will lead to the development of all the parties concerned.

Japan initially decided to leave the Asian market and enter Europe but know its inclination towards the OBOR hints that Japan wants to participate in a larger role in Asia. For Japan to reach out to Eurasia and grow its market, Japan has now started to see the OBOR project as a driving force to its economic ambitions.

While Japan decided to leave Asia, Asia emerged to be the epicentre of the global market and a huge driving force. In the 21st century, Asia is a major pillar of globalisation and Japan has no choice but to return to Asia. Hence, Japan’s gradual alignment with the One Belt One Road project becomes a compulsion more than a choice.

Both China and Japan stand for free trade and their economies are hugely benefitted from the concept of free trade. At present free trade is under threat as globalisation seems to be taking a backseat. For Japan to safeguard its development against unilateralism and protectionism, OBOR seems a bright prospect. Japan needs to ensure multilateral free trade to ensure that its development does not get derailed. The One Belt One Raod project will significantly help Japan to build on its reach in Asia and Europe.

More News at EurAsian Times

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