During the China Arbitration Summit 2018 in Beijing, Deputy Director of the China Council for the Promotion of International Trade, Lu Pengqi said the organisation and the relevant institutes of the countries in the B&RI plan to establish a body that will deal with the prevention and resolution of international disputes.
It will provide a new choice for Chinese and foreign traders to resolve possible transnational disputes.
He added that the future body would be a neutral and independent non-governmental organisation which would set the principle of “joint discussion, construction and sharing”.
According to official figures, during the first 8 months of this year, the commodity exchange between China and the countries within the scope of the “One Belt, One Road” Initiative increased by 12 percent, a growth faster than the country’s foreign trade.
In parallel, it has become clear that two key ports will be involved in the initiative. First, it will be signed a Memorandum of Cooperation between the port of Shantou and Burgas Seaport” EAD. Shantou is situated on the Silk Road and it is one of the 15 most important ports in China, and it is also part of the B&R Initiative. Since 2017, a cooperation agreement has been signed between the cities of Burgas and Santaou and a future joint operation with the port in Shantoau will be incorporated into the EU-China Regional Policy Cooperation.
In addition, Israel announced that it granted access to a Chinese operator to the port of Haifa, which is the largest seaport in the country. This will open a commercial route from the Indian Ocean through the Suez Canal to European ports in Greece and Bulgaria.
Romania is hoping that its port in Constanta can also be an important node for “One Belt, One Road”. The goods from China and the countries within the scope of the B&RI through the Caspian and Black Sea and arriving at the port of Constanta can reach the other countries of Central and Eastern Europe through motorways and the Danube river.
Transport centres on the route are key to the transport of goods. By the end of last year, a total of 6600 trains have travelled between China and Europe. They pass through 34 Chinese and 35 foreign cities in 12 countries.
