Trade With the Silk Road Economic Belt
A Silk Road Economic Belt, also known as the SCORE Belt, has become a major player in the global community due to its tremendous potential for trade. The SCORE Belt is an economic development program involving China, Russia, South Korea, and the United States. The members of this organization include some of the most developed economies in the world. One of the goals of the SCORE organization was to increase the global income of countries that were previously considered poor through trade.
China was one of the founding members of the SCORE organization. Today, it is the biggest economy in the world, and is a significant player on all levels of the international scene. China is one of the largest exporters of goods in the world. It manufactures everything from automobiles to consumer goods to surgical equipment. Most of what it sells is manufactured in Asian countries like India, Thailand, and Malaysia.
Trade in goods between the various countries in the SCORE area, including India, Japan, and South Korea, is considered very beneficial for the global economy. Many other countries that are members of the SCORE organization are enjoying a similar kind of economic situation. These countries include; Argentina, Bolivia, Cambodia, the Dominican Republic, Vietnam, and Nepal. With the members of the SCORE grouping countries in the SCORE Belt will have easier access to markets in other parts of the world.
One of the advantages for members of the SCORE Association is the ability to freely discuss issues that face their respective countries. Members of the association are able to easily cooperate with other countries that are not member of SCORE. This is very helpful to businesses that need a larger market share. By having a larger market share, companies in these other countries will be more likely to expand their business in the United States. Since more products will be available to the US consumers, the United States will experience an influx of new products, services, and companies Silk Road economic belt.
For example, India is a member of SCORE and due to its proximity to Pakistan, the two countries are able to trade with each other. This is beneficial to India because it allows Indian goods to enter Pakistan. The United States is currently one of the largest sources of export for India. Therefore, any assistance the United States may provide India in order to market its goods would be greatly appreciated by India.
Countries that are members of the Silk Road Economic Belt are enjoying trade surpluses, but there are limitations to this type of trading. Due to the increased levels of exports, China is also enjoying huge surpluses. However, other countries along the route are exporting to these same countries. China is trying to make its way as close to these countries as possible in order to gain a foothold. There is a great deal of friction between these countries, but due to the high levels of exports, China is enjoying a high degree of surplus.
The disadvantages of being a part of the SCORE Association are the fees that need to be paid. Members have to pay yearly fees and the organizations in turn have to pay certain amounts to the association in order to maintain their status. However, the benefits outweigh the disadvantages in most cases. Most countries along the SCORE route are economically developed countries that have high quality standards.
With more countries along the Silk Road Economic Belt becoming members of the organization, the global economy will be even more dynamic. For example, India is just beginning to join. If other countries along the route are able to attract business to their country, it will have a positive effect on India’s economy.