Nepal has signed a framework agreement to join China’s Belt and Road Initiative, marking a pivotal shift in its foreign policy. This agreement facilitates Chinese investments in various infrastructure projects but raises concerns regarding debt and national sovereignty amid geopolitical tensions with India. Prime Minister KP Sharma Oli’s visit to China rather than India further signifies changing alliances in the region.

On December 4, 2024, Nepal formalized its entry into China’s Belt and Road Initiative (BRI) by signing a framework agreement in Beijing. This move comes seven years after an initial commitment made in 2017 but has seen little productivity due to political disagreements and the absence of a solid execution plan. Prime Minister KP Sharma Oli’s decision to prioritize a visit to China over India, which has historically been Nepal’s first diplomatic stop post-elections, underscores the shifting geopolitical alignments in the region.

The Belt and Road Initiative is an ambitious global development strategy launched by China, aiming to create a vast network of infrastructural projects spanning Asia to Europe and beyond. While it promises investment and infrastructure development, it has been associated with ‘debt diplomacy’ where borrowing countries face crippling debt burdens leading to questions about sovereignty and economic independence. Nepal’s entry into the BRI raises concerns among many regarding the potential economic implications and the risks of falling into debt traps, especially given its existing economic vulnerabilities and geopolitical tensions with India.

The signing of the Belt and Road framework may signify a transformative step for Nepal’s infrastructure development; however, it also raises significant concerns regarding economic sovereignty and the potential for increased debt. The mixed sentiment within Nepal, particularly among political factions and neighboring countries like India, indicates that while Nepal seeks to enhance its infrastructure through Chinese investments, it must tread cautiously to safeguard its national interests and economic stability.

Original Source: www.ndtv.com

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