Prospects of cooperation between the SCO countries in the framework of the project «Silk Road Economic Belt»

Abstract

In September 2013 the President of China Si Jinping put forward the idea of building a ≪Silk Road Economic Belt≫ (SREB). At present, the Chinese side is working intensively on the concretization of ≪Silk Road≫ concept, with the assigned substantial financial resources showing the seriousness of the intent to implement the idea of reviving the Great Silk Road. Emergence of the initiative (SREB) requires answering the following questions: What economic effects does its implementation imply for Russia and for the SCO partners? How it will combine with the Eurasian Economic Union - an international organization coming into force in January 2015. The article reveals the content of “Silk Road Economic Belt” concept, analyzes the reasons of the emergence of ≪Silk Road≫ initiative, the consequences of its implementation for Russia, which has strategic interests in Eurasia. It focuses also on the benefits and risks of the project for the SCO countries. The conclusion suggests that it is essential to seek common ground of Chinese ≪Silk Road≫ plans with the project of creating Eurasian Economic Union, to share responsibility and spheres of influence.