Switzerland to sign belt and road deal during President Ueli Maurer’s China trip
- Accord is to cement ties with major trading partner as other Western countries view Xi Jinping’s infrastructure and trade plan with scepticism
- Switzerland sees the agreement as a way to support economic development, especially in central Asia
Switzerland will sign an accord backing China’s “Belt and Road Initiative” when President Ueli Maurer visits China this month, cementing ties with a major trading partner as other Western countries view the gargantuan project with scepticism.
Chinese President Xi Jinping’s New Silk Road initiative has been controversial particularly in Washington, which views it as a way to spread Chinese influence abroad and saddle countries with unsustainable debt, a charge Beijing rejects.
Locked in a trade war with China, the US has been particularly critical of Italy’s decision to sign up to the plan, the first for a G7 nation. Others in the West are less keen to jump aboard, although many have kept an open mind.
Neutral Switzerland sees the belt and road accord to be signed during Maurer’s trip as a way to support economic development, especially in central Asia.
“The aim of the memorandum is for both parties to intensify cooperation on trade, investment and project financing in third markets along the routes of the Belt and Road Initiative,” the finance ministry said on Tuesday without giving more details.
Maurer, who is also finance minister, will attend the second Belt and Road Summit next week which is expected to draw about 40 foreign leaders.