Archives Economic development - Page 2 of 15 - New Eastern Outlook

For the past several years, the Middle East has been China’s key trading hub, not least because of more than 70 per cent of the oil that Beijing imports from here. Between 2017 and 2022, China’s bilateral trade with this region jumped from US$262 billion to US$507 billion. In 2022 alone, the region saw its trade with China jumping by more than 27 per cent. This was the largest increase in China’s trade compared with other regions, such as the ASEAN.

International transport corridors (ITCs) are gaining independent geo-economic importance, where the transit of goods and passengers guarantees a constant source of profit, security and growth. The question lies in the routes and the combination of interests of project participants. What is attractive about the Zangezur transport and communications corridor?

Strengthening multipolarity is essential for global balance. With this in mind, BRICS, as well as the nations of the Global South, would benefit from reconsidering their participation in the IMF and WTO. This approach aims to promote greater autonomy and economic development aligned with their specific interests. Combining critical analysis and foresight, this article highlights the benefits of being able to navigate complex international contexts and promote innovative strategies for a multipolar future.