Brazil becomes second BRICS country not to join China’s BRI

Brazil has decided not to join China's Belt and Road Initiative (BRI), making it the second BRICS country after India to do so.

About China’s BRI

China's Belt and Road Initiative (BRI), also known as the One Belt, One Road (OBOR) initiative, is a massive global infrastructure project launched in 2013 by President Xi Jinping.

The BRI aims to enhance global trade and stimulate economic growth across Asia and beyond by developing trade routes reminiscent of the ancient Silk Road.

Key Components: 

Silk Road Economic Belt: Focuses on land routes connecting China with Europe through Central Asia. 

21st Century Maritime Silk Road: Involves Sea routes connecting China's southern coast to Africa and Europe.

Infrastructure Projects: Includes the construction and upgrade of railways, highways, ports, and pipelines. 

Digital Connectivity: Expanding internet and satellite networks to improve communication and data exchange.

Objectives: 

Policy Coordination: Promote policy alignment among participating countries.

Unimpeded Trade: Remove barriers to trade and investment. 

Financial Integration: Encourage financial cooperation and investment. People-to-People Bonds: Foster cultural and educational exchanges.

Global Impact: 

Economic Growth: Expected to boost economic development in participating countries. 

Debt Concerns: Some critics argue that the initiative could lead to debt dependency for borrowing countries.

Geopolitical Influence: Enhances China's global influence and strategic partnerships. The BRI has signed over 200 cooperation agreements with more than 150 countries and 30 international organizations.