Mumbai: Former prime minister of Pakistan, Shaukat Aziz, who was in the city recently, said that India and China should resolve their issues around One Belt One Road initiative and come to terms. Aziz, who was attending 3rd Asian Infrastructure Investment Bank (AIIB) meeting, said, “Both parties (China and India) have to agree. I don’t see why both countries will not come together. If they get better connectivity, better roads, it is better for the world.”
Aziz further added that Pakistan-China economic corridor is the true game-changer. “It has and will connect two countries more strongly. It will promote trade and freedom of movement. It will be win-win situation for anyone whoever connects. China and Pakistan have a very close connection and its a strategic relationship which is why we were the pilot country. But now One Belt One Road is catching up elsewhere too.”
He added, “Connectivity is key to economic growth and to improve the life of the people. You need to come up with new institutions. We need funds for rail, roads and power generation. It is important to create an environment to do better.” Calling reforms in old institutions like World Bank and Asian Development Bank, Aziz said, “I see the need for development of more institutions as a positive step towards a better world. The Bretton Woods Institutions have played an important role in the development of the global economy of various countries in the developing world. However, I believe these institutions need reform. Those who preach reform should also reform themselves and develop new model of good governance and new techniques.”
He termed his comment over these international development finance institutions as a constructive one and not be taken as a negative comment. He strongly believes the need for banks to open themselves up. Aziz advocated the need to make the job selection process based on merit and not on nationality alone. “The moment you have job assigned to particular country than you cannot have true meritocracy.” Apart from new entrant– AIIB, the other banks that are active in Pakistan is World bank, Asian Development Bank and Islamic Bank.
Criticising protectionism, he said it does not help any country. “You cannot hide behind walls. The secret is to reform your economy so that you get closer to global standards. It applies to all country also the country we are in (India), opening up markets and deregulating is the way to go.”
