Work on improving BRI economic, trade rules will help the initiative, experts say

Work and explorations on how to improve the Belt and Road economic and trade rules will contribute to the high-quality joint construction of the Belt and Road Initiative, benefiting all BRI participants and the world economic recovery as well, according to experts.

They made the remarks at the Second UIBE Forum on the BRI Rule of Law, which was held online by the University of International Business and Economics on Saturday to discuss the rulemaking and practice of BRI economic and trade rules.

Huang Baoyin, Party secretary of UIBE, said now is a crucial time to promote the joint construction of the BRI, and more strategic, basic, and forward-looking academic research will play a significant role in unleashing BRI potentials to benefit human community.

Such research will help address new challenges and accomplish new missions, facilitate the promotion of win-win openness, and contribute to the cultivation of new development momentum for global economy, he said.

Huang Jin, president of the Chinese Society of International Law, said the Belt and Road economic and trade rules are a complex system, involving multiple economies, topics, platforms, and mechanisms.

The innovation and improvement of those rules requires not only adherence to some existing mechanisms and rules, but also introduction of new ones, he said, adding to innovate and improve the rules also requires strengthening bilateral mechanisms among participating economies while actively expanding multilateral mechanisms among more participants, as well as paying attention to both the roles of international treaties and global practices.

"On the one hand, accelerating the construction of domestic legal system, especially improving the legal system of laws and regulations governing foreign economic and trade activity, is a task facing every BRI country, including China," he said.

"On the other hand, participants of the BRI must uphold the international system and international legal rules based on the Charter of the United Nations, and must promote the formation of a more fair and just international economic and trade rule system and the enhancement of the international legal environment," he said.

Experts who delivered speeches at the event also included Zhang Mingqi, vice-president of the China Law Society, Shen Sibao, president of the sub-society of international economic law under the China Law Society, and Zhao Hong, a professor at the Law School of Peking University and former chairperson of the Appellate Body of the World Trade Organization.