BRI's Future and Saudi Arabia-Iran Peace Agreement.

Byline: Dr Mehmood Ul Hassan Khan

Most recently, Chinese track-II diplomacy has succeeded to achieve a 'diplomatic miracle' by brokering a peace deal between Saudi Arabia and Iran which has even further brightened scope, importance and utility of the One Belt and One Road Initiative (BRI) and China-Pakistan Economic Corridor (CPEC). It is indeed positive, productive and participatory which create win-win propositions for both the countries.

The two countries inked a holistic and comprehensive agreement which includes mutual respect for sovereignty and non-interference in each other's internal affairs. It also activates a 2001 previously-signed security cooperation and trade agreement which is indeed a 'value addition'. Moreover, it brightens the scope of greater socio-economic integration, regional connectivity, peace, stability and harmony between two countries in and beyond.

It has now further strengthened the Chinese presence in the GCC and MEAN. Hopefully, it would further consolidate the Chinese President Xi Jinping's Global Security Initiative (GSI) position, scope, importance and utility in the region.

Interestingly, it has certain winners and losers. China, Saudi Arabia, Iran and, of course, people of the GCC and MENA are the immediate winners whereas Bahrain, Iraq, Lebanon, Oman, Syria and Yemen should be treated as secondary beneficiaries of this sustainable diplomatic breakthrough.

Even Chinese BRI may also be included in the list of potential winners which may also be useful in the implementation and completion of the CPEC, being the flagship project of the BRI. Regional as well as international energy and food security sectors are also the real beneficiaries of this peace agreement. Pakistan, being the close neighbouring country and trustworthy friend of China, Saudi Arabia and Iran would be in the queue of 'distant winner' in the days to come.

Most recently, Wang Yi, Director of the Office of the Foreign Affairs Commission of the Communist Party of China (CPC) Central Committee hosted a dialogue between the two Middle Eastern countries in Beijing. He pledged China to continue to play a constructive role in handling hotspot issues. During the maiden visit of the Iranian President Ebrahim Raisi to China, both leaders pledged to develop friendly cooperation to promote China-Iran comprehensive strategic partnership for new development.

Beijing will continue to jointly build the BRI cooperation with Iran, aiming to step up...