{"id":142615,"date":"2021-12-02T17:39:20","date_gmt":"2021-12-02T21:39:20","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=142615"},"modified":"2021-12-02T21:50:22","modified_gmt":"2021-12-03T01:50:22","slug":"wake-up-and-smell-the-chow-mein","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/","title":{"rendered":"Wake up and smell the Chow Mein\u00a0"},"content":{"rendered":"
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By Sir Ronald Sanders\u00a0<\/b><\/p>

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(The writer is Antigua and Barbuda\u2019s Ambassador to the U.S. and the OAS.\u00a0\u00a0He is also a senior fellow at the Institute of Commonwealth Studies at the University of London and at Massey College in the University of Toronto.\u00a0\u00a0\u00a0The view expressed are entirely his own)\u00a0<\/i><\/p>\n

A television interviewer asked me if I thought Caribbean countries, and other developing territories, would benefit from the \u2018war for influence\u2019 that the European Union (EU) has launched against the People’s Republic of China.<\/p>

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He was referring to the announcement by the EU Commission President, Ursula von der Leyen, that the EU will launch \u201cGlobal Gateway\u201d, a scheme to compete with China\u2019s \u201cBelt and Road Initiative\u201d (BRI) that has been in place since the end of 2013.<\/p>

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The Commission President did not try to hide that the EU\u2019s Global Gateway is aimed at trying to stop China\u2019s spread around the world, and its growing influence as the major creditor to more than 60 developing countries on every continent.<\/p>\n

\u201cWe want to create links and not dependence\u201d, she said \u2013 an allusion to the claim by the G7 countries (the rich nations of the West), that China is indebting developing countries so as to control them.<\/p>

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What is striking about this new rivalry to lend money to developing countries is that it has arisen not in response to the needs of these countries for economic advancement and social improvement, but from big power rivalry for influence in their own interest.<\/p>\n

Nonetheless, should the contest, between richer countries, result in the availability of more money to fund growth and prosperity in developing nations, it should be welcomed. Not only would it produce a larger global pot of money, but it will allow developing nations to accept loans from the rival providers that offer the best terms.<\/p>

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The EU has started late in this race, and the sums that it is suggesting are less than half of the $1.2 trillion that China has already put on the table for 13,000 projects in 63 countries.\u00a0\u00a0The EU Commission said it will \u201cseek\u201d to mobilize $340 billion by 2027 (six years from now) and from a combination of public investment and, as yet unsecured, private investment.\u00a0\u00a0What the EU appears to be sure of is $40 billion in export guarantees to European private investors and around $18 billion in grants.<\/p>

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The EU has pointed out that it has been providing \u201cgrants\u201d while China has been providing \u201cloans\u201d.\u00a0\u00a0But in truth the repayment terms of the Chinese loans are concessionary and affordable.\u00a0\u00a0Further, they are used mostly for infrastructure projects that developing countries need, whereas EU grants are highly conditional and take very long to disburse.<\/p>\n

Added to all this, while the EU\u2019s \u201cGlobal Gateway\u201d was launched with much fanfare, its draft plan does not contain a list of projects it will undertake immediately.\u00a0\u00a0Nor does it say to which countries.<\/p>\n

Significantly, absent also, is any indication of if the EU will drop its criterion of low per capita income as a qualifier for access to the \u201cGlobal Gateway\u201d.\u00a0\u00a0So-called middle-income and high-income countries have long been disqualified for access to grants and concessionary loans from the EU, except in disastrous situations.\u00a0\u00a0The development of many Caribbean countries is measured by this flawed criterion.<\/p>\n

Perhaps at some point that EU will actually have a serious discussion with regional groups of developing countries about their real needs and how best the EU can help \u2013 particularly as several of its members have a sad legacy of underdevelopment across every continent.\u00a0\u00a0\u00a0Among the EU members are France, Italy, Spain, Portugal, Belgium and Germany.\u00a0\u00a0The UK is omitted from this list since \u201cGlobal Gateway\u201d is a EU project and the UK is no longer a EU member.<\/p>\n

The bottom line is that, if this EU-China rivalry, coupled with the G7\u2019s \u201cBuild Back Better World\u201d \u2013 also an effort to compete with China and halt what is seen as its global influence – produces more money for developing nations, including the Caribbean, it would signal the start of a new world.\u00a0\u00a0\u00a0That would be especially so, if developing countries can choose the options best suited to them, and not to the lenders.\u00a0\u00a0\u00a0In this way, they could retain their autonomy from all lenders, spreading their exposure and seeking the best terms possible.<\/p>\n

However, right now \u2013 especially as the global financial institutions such as the IMF and World Bank \u2013 still reflect the policies of G7 countries, China remains the lender of choice.<\/p>\n

The G7 and leading members of the EU who built their economies on the backs of developing countries in Asia, Africa, and Latin America and the Caribbean should wake up and smell the Chow Mein.\u00a0\u00a0It is everywhere.<\/p>\n

Response and previous commentaries:\u00a0www.sirronaldsanders.com<\/a><\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

By Sir Ronald Sanders\u00a0 (The writer is Antigua and Barbuda\u2019s Ambassador to the U.S. and the OAS.\u00a0\u00a0He is also a senior fellow at the Institute of Commonwealth Studies at the University of London and at Massey College in the University of Toronto.\u00a0\u00a0\u00a0The view expressed are entirely his own)\u00a0 A television interviewer asked me if I […]<\/p>\n","protected":false},"author":3,"featured_media":125552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-142615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nWake up and smell the Chow Mein\u00a0 - Antigua News Room<\/title>\n<meta name=\"description\" content=\"The writer is Antigua and Barbuda\u2019s Ambassador to the U.S. and the OAS.\u00a0\u00a0He is also a senior fellow at the Institute of Commonwealth Studies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wake up and smell the Chow Mein\u00a0\" \/>\n<meta property=\"og:description\" content=\"The writer is Antigua and Barbuda\u2019s Ambassador to the U.S. and the OAS.\u00a0\u00a0He is also a senior fellow at the Institute of Commonwealth Studies\" \/>\n<meta property=\"og:url\" content=\"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/\" \/>\n<meta property=\"og:site_name\" content=\"Antigua News Room\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/antiguanewsroom\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-02T21:39:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-03T01:50:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mlavawteztbj.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/Sir-Ron-Sanders.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:site\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5\"},\"headline\":\"Wake up and smell the Chow Mein\u00a0\",\"datePublished\":\"2021-12-02T21:39:20+00:00\",\"dateModified\":\"2021-12-03T01:50:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/\"},\"wordCount\":799,\"commentCount\":4,\"publisher\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1024\/h:683\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/03\/Sir-Ron-Sanders.jpeg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/\",\"url\":\"https:\/\/antiguanewsroom.com\/wake-up-and-smell-the-chow-mein\/\",\"name\":\"Wake up and smell the Chow Mein\u00a0 - 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