India Continues Boycott of China's Belt and Road Summit Over CPEC Concerns

India has decided to maintain its boycott of China's Belt and Road Summit, an event of the controversial Belt and Road Initiative, for the third consecutive time. This move underscores India's persistent concerns regarding the China-Pakistan Economic Corridor (CPEC) and the financial viability of Beijing's projects in various nations, according to sources.

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India has decided to maintain its boycott of China's Belt and Road Summit, an event of the controversial Belt and Road Initiative, for the third consecutive time. This move underscores India's persistent concerns regarding the China-Pakistan Economic Corridor (CPEC) and the financial viability of Beijing's projects in various nations, according to sources.

China, as the host of the Belt and Road Forum for International Cooperation (BRFIC), faces mounting criticism for its "debt-trap diplomacy." This tactic involves providing substantial loans for what are perceived as unsustainable projects, trapping countries in debt and eventually leading them into an economic crisis.

Over the past decade, China has inked approximately 50 agreements with relevant parties under the BRI platform. Furthermore, it has jointly launched the BRI Partnership on Green Development with 31 countries, as reported by Chinese Foreign Ministry spokesperson Wang Wenbin.

India's non-participation in the previous two BRI conferences, in 2017 and 2019, is now set to extend to this year's event, which marks the 10th anniversary of the Chinese flagship project. India has consistently criticized the $60 billion CPEC, which traverses the Pakistan-occupied Kashmir (PoK) without respecting India's sovereignty concerns.

India has called for BRI projects to adhere to universally recognized international norms, good governance, and the rule of law. It emphasizes the importance of openness, transparency, and financial sustainability in these initiatives.

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Despite India's absence, the BRI summit is expected to draw representatives from over 140 countries and 30-plus international organizations, including heads of state, international organization leaders, and ministerial officials. Notable attendees include Russian President Vladimir Putin and Sri Lankan President Ranil Wickremesinghe.

Sri Lanka's economic crisis, which led to a sovereign default on its loans, has garnered significant attention. The country carries a total foreign debt of $46.9 billion, with 52% of it owed to China, its largest lender. In response to Sri Lanka's financial challenges, India extended a financial lifeline of approximately $4 billion to help the nation overcome its economic crisis and secure an International Monetary Fund (IMF) bailout package.

The ongoing boycott by India and the international focus on China's Belt and Road Initiative highlight the challenges and concerns surrounding this ambitious global infrastructure program.