A new milestone – Introducing the Silk Road International Association

The Silk Road Economic Belt and the Maritime Silk Road – collectively known as the Belt and Road Initiative (BRI) – are intended to boost the prosperity and development of the countries along the routes, as well as that of human civilisation itself. The initiative has drawn intense scrutiny and elicited positive responses from the international community. However, to operate amid the complexities of global politics, economics, society, culture and religion, the BRI calls for further recognition and greater participation. 

Finance plays a leading role in the BRI. Thus, with support from the UN and the Asian Infrastructure Investment Bank, and under the leadership of Kevin Rudd, Han Seung-soo, Yukio Hatoyama, Shaukat Aziz, Jenny Shipley, Jin Liqun and Zhang Jizhong, the International Finance Forum (IFF) unites representatives of the international community, the global market and private capital resources to form the Silk Road International Association (SRIA) – comprising former political leaders, experts, scholars, economic and financial institutions, and outstanding entrepreneurs from countries participating in the BRI. 

The SRIA will appoint a board of directors and a permanent secretariat for the management and routine work under the IFF platform. Through deepening communication and co-operation, all members of the SRIA will enhance mutual trust and build consensus by carrying forward the ‘Silk Road spirit’ of peace and co-operation, openness and inclusiveness, mutual learning and mutual benefit, and win-win outcomes. With the recognition of and consensus on the core values of the BRI, the SRIA aims to provide a mechanism that boosts non-governmental collaboration and dialogue. 

The SRIA Initiative was launched at the IFF’s 2016 Annual Conference and has subsequently gained strong support from more than 20 financial leaders of major countries. The SRIA’s inaugural meeting was held in June 2017 in Hangzhou.

The SRIA’s goals are fivefold:

1. Work together as an international think tank for building a network open to the whole world. Through strategic co-operation among key countries along the BRI, a mainframe of public diplomacy and a strategic co-operation network can be set up to bring about better co-ordination and synergy.

2. Form a mechanism for dialogue, personnel exchanges and joint research among the countries and regions along the BRI. Through the SRIA platform, establish a mechanism for sharing and publishing research findings, conduct academic seminars and joint research programmes and facilitate personnel exchanges. Commission, engage and fund think tanks and scholars in their various research endeavours, identify concerns and expectations, and develop responsive strategies.

3. Hold regular SRIA summits, sharing the development concepts and experiences of all member countries and discussing BRI construction and international development issues of relevant sectors. Strive to build an authoritative platform for the political, business, academic and research circles of the relevant countries to conduct comprehensive dialogue, exchanges and co-operation.

4. Provide a multilateral channel and mechanism for promoting co-operation between the international community, global markets and private capital under the BRI. When appropriate, a financial institution could be established using private capital to support the BRI.

5. Establish a board as the governing body of the SRIA, while anchored to the IFF, and the permanent secretariat as responsible for daily operations and co-ordination, and broadening the SRIA’s membership.

We believe the initiation of the SRIA is a milestone, marking the wider recognition of the BRI by the international community, global markets and private capital. It will boost comprehensive and sustainable development, economic growth and the stability of the entire world.

This article is part of The IFF China Report 2018, which draws mainly on content provided by China-headquartered think tank, the International Finance Forum, and is published in association with Central Banking.