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Institutional Aspects of Cooperation Within the Silk Road Arctic Belt

Institutional Aspects of Cooperation Within the Silk Road Arctic Belt

Journal of Economic Regulation, , Vol. 9 (no. 4),

The authors propose to consider international cooperation within the Silk Road Arctic Belt, a part of the ‘One Belt, One Road‘ initiative, as a new institutional form of economic partnership, based primarily on the multinational collaborative engagement of the parties involved. The intention of the parties not to pursue the expansion policy of their ideological or political systems and values in the project implementation process and at the same time to seek consensus to ensure their national interests is a characteristic feature of this cooperation. 13% of the world's possible oil and up to 30% of natural gas reserves are on the Arctic seabed. The delivery time of goods through the Northern Sea Route is 6–19 days shorter and considerably less expensive than the existing route via the Suez Canal. The focus on economic development of the Arctic region is one of the main features of Russia's industrial policy. Its international cooperation in the Arctic zone is based on the traditional corporative and state-by-state framework. It is based on the Federal Law ‘On Industrial Policy in the Russian Federation’ of December 31, 2014 No. 488-FZ. China believes that participation in the development of the Arctic region will stimulate modernization in areas where the project is of strategic importance for the PRC. The white paper, published on January 26, 2018, outlines the basic principles and parameters of China's Arctic policy. Beijing explains its interest in the Arctic by the importance of this region for all mankind. It concludes on this basis that all States of the world, regardless of their geographical location, should engage in the development of the Arctic region. Russia's cooperation with China in the Arctic is seen as an integral part of the joint integration of the Greater Eurasian Partnership and the ‘One Belt, One Road’ initiatives with due regard for Russian economic interests. Development of the Northern Sea Route infrastructure and of its freight traffic to make it a globally competitive transport artery is seen as the core of cooperation. It is advisable to consider establishment of a Russia-China consortium to implement Arctic projects.


Keywords: Arctic Belt; Northern Sea Route; Russia-China cooperation; competition in Arctic region; Arctic Council

References:
Publisher: Ltd. "Humanitarian perspectives"
Founder: Ltd. "Humanitarian perspectives"
Online ISSN: 2412-6047
ISSN: 2078-5429