Latvia becomes first Baltic Sea country to link with China’s OBOR
Latvia has become the first country in the Baltic Sea area to sign a Memorandum of Understanding to link up with China’s One Belt and One Road (OBOR) Initiative.
The MoU was signed after Chinese Premier Li Keqiang’s meeting with his Latvian counterpart Maris Kucinskis in Riga (capital of Latvia). It was Chinese Premier’s first visit to the European Union country.
Besides, Latvia and China also singed five agreements on cooperation in such areas as small and medium-sized enterprises, transportation and logistics.
What is China’s One Belt and One Road (OBOR) Initiative?
- OBOR initiative is China’s ambitious development strategy and framework that aims to boost its connectivity and trade across Asia, Africa and Europe.
- It comprises two components viz. the Silk Road Economic Belt and the 21st Century Maritime Silk Road. It was proposed by Chinese President Xi Jinping in 2013.
- OBOR initiative is part of China’s revived 21st century Silk Road diplomacy that seeks to push it to take a bigger role in global affairs as a major global power.