Eurasian Economic Union signs up to China’s $7tr Silk Road Economic Belt project

Silk Road Routes

Silk Road Routes

The Eurasian Economic Union (EEU) has signed an MoU with China paving the way for joint infrastructure investment within the framework of the Chinese Silk Road Economic Belt project, Eurasian Economic Committee’s Minister of Trade Andrei Slepnev said today. The $7tr Silk Road Economic Belt is a key element in China’s plans to increase trade with Europe and envisages a road and rail transport link with Europe through Central and Western Asia.
 In order to help the poorer states along the route finance the project, China is launching a credit programme both directly and through various institutions, including the newly established Asia Infrastructure Investment Bank, whose co-founders include EEU members Russia and Kazakhstan. China also has ambitions to develop a Silk Road Maritime Route, linking China to the Indian Ocean and beyond.

Source: rbth