China has established the International Organization for Mediation (IOMED) in Hong Kong, with 32 countries including Pakistan signing on as founding members.
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00:00Hello and welcome, I'm Geeta Mohan and you're watching World Today.
00:19Is this an alternative to America that China is trying to create?
00:24Now in a bold move to assert its leadership in global governance,
00:27China has spearheaded the establishment of the International Organization for Mediation
00:32or what they're calling IOMED, the world's first intergovernmental body
00:36dedicated to resolving disputes through mediation.
00:41Now launched in Hong Kong, IOMED aims to promote win-win cooperation
00:45and challenge Western-dominated dispute resolution frameworks
00:48with 32 countries, including Pakistan, signing in on its founding members.
00:55Nepal's Foreign Minister, Arzurana Deuba, was also present in the ceremony
01:00as Observer State Representative.
01:03China claims to have support of around 60 countries from Asia, Africa, Latin America and Europe,
01:10alongside 20 international organizations like the United Nations backing the initiative.
01:16The IOMED underscores China's ambition to reshape international diplomacy itself.
01:20Pakistan's decision to join IOMED as a founding member reflects its deepening alignment with China,
01:27its long-standing ally.
01:30Pakistan's involvement strengthens its diplomatic leverage,
01:33aligning with its strategy to internationalize the Kashmir dispute
01:37while benefiting from China's economic and geopolitical support
01:41through initiatives like the BRI or the CPEC project that lies within the BRI.
01:47For Pakistan, it's a chance to amplify its voice on issues like Kashmir.
01:52But India's absence from the founding members raises questions about the organization's ability
01:57to bridge divides in South Asia.
02:01IOMED's focus on mediation over adversarial litigation offers a fresh approach
02:05to resolving conflicts between nations, individuals and private entities.
02:11Yet, China itself is involved in so many disputes.
02:15Now, aligned with the UN Charter's call for peaceful dispute resolution,
02:20the organization only aims to address criticisms of costly and biased systems
02:24like investor-state arbitration.
02:26With operations set to begin by early 2026,
02:30the world watches to see if IOMED can deliver on its promise of equitable dispute resolution
02:35or if it will primarily serve China's strategic interests only.
02:40The International Organization of Mediation takes it as its mission
02:49to mediate disputes between states or between a state and foreign investors
02:53and international commercial disputes based on the will of relevant parties.
02:59It will fill an institutional gap in international mediation
03:02and serve as an important public good in the field of the rule of law for better global governance.
03:08The birth of International Organization of Mediation can help transcend
03:13the you-lose, I-win, zero-sum mentality,
03:16promote the amicable resolution of international disputes
03:19and foster more harmonious international relations.
03:22Well, interestingly, this is an initiative by China that is involved in so many disputes.
03:33Taiwan, the South China Sea, the India-China border dispute.
03:37And yet, it is coming to look for a space, an organization that really will work for mediation,
03:46or will it?
03:47To discuss this and more, I'm being joined by Howard Zhang,
03:50his senior China analyst and former chief editor, BBC News Chinese, based out of London.
03:57Howard, thank you so much for joining us.
03:58Now, we're talking about China starting an organization and mediation.
04:03How would the West, particularly the U.S., be looking at this new organization,
04:07given the fact that you have China looking at the Taliban, looking at Saudi Arabia, Iran,
04:15and yet America is trying to mediate peace in many a conflict?
04:22Exactly.
04:23And first of all, this is no, I guess, new move.
04:28It's a continuation of China's strategy of going after what they so-called global South.
04:36And back in Beijing, and documents after documents show that the Communist Party leading the country
04:43realized they're in a fight with the U.S.-led West.
04:50And their conclusion is the current world order needs to be reset into what they call a multipolar world.
04:59And hence, if they cannot win over the leading Western nations to their sphere of influence,
05:07then the only way is to broaden their foothold in the global South.
05:12And this is just another step in the diplomatic as well as the more geopolitical kind of play,
05:19trying to win over as many as possible and also to broaden China's influence.
05:25I go back to what I was discussing earlier with China involved in so many disputes, Howard,
05:32whether it's Taiwan, South China Sea, the India-Pakistan dispute.
05:36How can they really be peacemakers?
05:40Well, that's a, I guess, a matter of perspective.
05:43It's the same thing as, you know, when we talk about the Ukraine war,
05:48and Russia will have a different perspective than many in the rest of the world.
05:54The rest of the world would see this as an invasion,
05:56and Russia would see themselves as defending their own interests.
06:01So that's the difference in perspective.
06:05The same thing here.
06:07From the Chinese side, especially the current ruling party side,
06:11they are trying to fight their corner and fight a way out in the current unjust world order.
06:19At least the world order is not giving the due respect to China.
06:24So in a way, if the current order is not tolerating China's,
06:29what they consider legitimate voice and existence,
06:33then they have to fight their own corner and get, you know, their own voice heard.
06:38So whether, you know, this is, they themselves are involved in so many disputes,
06:44and border-wise, and otherwise, that's another matter.
06:48For them, they just need their voice and influence to be heard.
06:51And that's why they're basing that in their own territories.
06:56And, you know, they've got enough members to join, to have a start.
07:03Absolutely.
07:04Harvard Zang, thank you so much for joining us here on the network.
07:07We are also being joined by Professor Srikanth Kondapalli.
07:11He's a professor of China Studies at Jawaharlal Nehru University.
07:15Professor Kondapalli just wanted to understand,
07:17there are over 30 countries that have already joined,
07:20and China says there are 60 countries who have supported.
07:23Now, which are these countries?
07:25What is the sphere of influence here?
07:27Why are they part of this organization?
07:29Break it down for us.
07:29Well, China has this Belt and Road Initiative,
07:40whereby they have invested about $1.2 trillion.
07:45And through this, some 80 countries and about 20, 30 international organizations
07:51are participating in the Belt and Road Initiative,
07:55three summit meetings since it was launched in 2013.
08:00So what has happened in all of this is with the Chinese investment,
08:05there is a softening of many countries, number one.
08:09Number two, China is the largest trading partner for over 128 countries.
08:15So China is also trying to weaponize trade by insisting these countries participate in the mediation
08:22and under the Chinese leadership.
08:25So these are all things which cannot be put in black and white,
08:32but many countries have benefited from the BRI projects,
08:37even though the primary beneficiary is China itself and its state-owned enterprises.
08:43But it has softened up many countries who now have joined the International Organization for Mediation.
08:51Right. Professor Kondopali, I just asked and we discussed the issue of disputed areas
08:58and disputes that China is involved in.
09:00But in such a scenario, having an organization for mediation,
09:05how will really these countries go about doing it with China?
09:09Will there be red lines?
09:10Will Taiwan be a red line or the South China Sea and disputes therein?
09:15What are the red lines that China will really have over here,
09:18given that it itself is involved in so many disputes?
09:21That's true.
09:24But Taiwan is governed by also the Taiwan Relations Act,
09:30which China had signed with the United States.
09:34And so in the three communiques plus the Taiwan Relations Act.
09:39So in the case of Taiwan, China cannot simply resort to the IOM
09:46and have a one-upmanship on the Taiwan issue.
09:52Likewise, on the South China Sea.
09:55South China Sea is bound by the UNCLOS,
09:58United Nations Convention of the Law of the Sea,
10:01in which China lost in the arbitration.
10:04Now, possibly China can do some mediation with Vietnam, with Malaysia,
10:11if not with Philippines.
10:13That is quite possible.
10:15They can do mediation with Brunei.
10:17However, these are not internationally recognized,
10:23like the International Court of Justice or the Permanent Court of Arbitration.
10:28These are not internationally recognized.
10:32The International Organization for Mediation is not under the law, international law.
10:40They can do some mediation between A and B
10:43and then come to a conclusion,
10:47but that is not recognized internationally.
10:49So the Chinese effort currently is to get this legitimized
10:54and later on possibly be recognized
10:58and then push it off as a legally recognized later on.
11:04If the two parties say that they have concluded a mediation agreement,
11:10it's quite possible that the issue doesn't exist anymore.
11:15Right.
11:16Professor Kundapalli, thank you so much for joining us here.
11:18This is a big story.
11:20We'll be tracking the developments on that front to see where it's headed.
11:24But all good things must come to an end.
11:27And the political partnership between the two of the most powerful personalities
11:31indeed has come to an end.
11:34We break down the timeline of Elon Musk's exit from Trump administration
11:38and what it means for politics, business, and for America.
11:48The bond and camaraderie between Elon Musk and Donald Trump was one of its kind.
11:55But now Elon Musk has exited the administration.
11:59The multi-billionaire who rallied behind Trump in his presidential campaign
12:02is no longer part of Team Trump.
12:06Trump has kept everyone guessing.
12:08In a social media post, Trump lauded Musk and said he will always be with us.
12:17However, chinks in the armor started surfacing long ago.
12:21The ties deteriorated due to public disagreements and diverging priorities.
12:26Musk's resignation comes even in the wake of a sharp criticism of Trump's proposed one big, beautiful bill act.
12:37Disputes were evident when Musk publicly criticized the bill
12:40and said it would reverse the savings made by the Department of Government Efficiency
12:45piloted by the tech billionaire.
12:48Musk's private ventures also took a dent with this occupancy with Trump administration.
12:53Biggest investors of Tesla, SpaceX, and social media platform X demanded Musk spend more time in his businesses
13:03after the stock's values depreciated significantly.
13:07But the last nail in the coffin seems to be the open AI deal in the Middle East after Trump's visit to the region.
13:14Elon Musk tried to block the deal as his AI venture, XAI, was not part of the negotiation but his efforts failed.
13:21Though this White House stint of Trump's first buddy has come to an end,
13:27everyone is trying to decode Trump's cryptic post.
13:31Musk will remain with us.
13:33Bureau Report, India Today.
13:35I'm going for President's comment.
13:38Now as Trump's tariffs and trade war continue with the U.S. Appeals Court allowing tariffs to temporarily stay in effect,
13:46India-U.S. trade talk is in their final lap.
13:49A U.S. trade delegation is likely to be in India the first week of June with reports saying the talks are scheduled on the 5th and 6th of the month.
13:58The Trump administration is furious, its Liberation Day dreams trampled upon by the judiciary.
14:11A day after the New York-based Court of International Trade struck down Donald Trump's trade tariffs,
14:17the U.S. president launched a scathing attack on the U.S. court,
14:20alleging political bias, accusing judges of undermining presidential authority and even turning his eye toward a conservative legal organization that helped shape his judicial picks.
14:33He is even asked, is it purely a hatred of Trump?
14:36On Thursday, an appeals court stayed, the trade court's ruling, reinstating the Trump tariffs.
14:44But the Trump administration is furious over what it has called judicial overreach.
14:49The courts should have no role here.
14:51There is a troubling and dangerous trend of unelected judges inserting themselves into the presidential decision-making process.
14:58America cannot function if President Trump, or any other president for that matter,
15:03has their sensitive diplomatic or trade negotiations railroaded by activist judges.
15:08Meanwhile, armed with the latest appeals court order, the United States is continuing with trade talks.
15:17While the U.S. has already sealed its trade deal with the United Kingdom,
15:21Trump envoys see more in the near future, and possibly one with India.
15:27India's trade talks with the United States look to be in their final lap.
15:31A U.S. trade delegation is likely to be in India in the first week of June,
15:35with reports saying the talks are scheduled on the 5th and 6th of June.
15:42Commerce and Industry Minister Piyush Goyal was in Washington just last week for trade talks.
15:47The aim so far has been to seal the deal with the United States
15:50before reciprocal tariffs kick in on the 9th of July.
15:53We are back on track on the broad trajectory,
15:58and we are working through international trading relations.
16:03A free trade agreement concluded with UAE, Australia, UK,
16:10the four EFTA countries, Switzerland, Norway, Iceland, and Liechtenstein.
16:16Well on track in our bilateral trade agreement with the United States of America,
16:21India, making fast progress with the European Union 27-nation bloc.
16:28There are, however, reports that with the trade matter in the U.S. courts,
16:32there is a possibility that India would slow the pace of negotiations
16:36and recalibrate the terms of the deal.
16:39India is also hedging risks by fast-tracking bilateral trade deals
16:43with the European Union and other countries,
16:45with Piyush Goyal set to visit the European Union next week.
16:49Bureau Report, Business Today TV.
16:55Trump always chickens out, or taco trade,
16:59is a new acronym that has spread across the Wall Street and the Internet.
17:03The term coined by Financial Times columnist Robert Armstrong
17:06basically describes Trump levying steep tariffs against countries,
17:11specifically China and European Union nations,
17:14and then repeatedly pushing back deadlines.
17:17Taco trade, or Trump always chickens out,
17:25has become the new term for United States President Donald Trump's tariff imposition
17:30and his frequent U-turns.
17:33During a press conference in the Oval Office,
17:35President Trump was asked about taco,
17:38and he rejected the idea that he is chickening out
17:41after setting destructively high tariff rates and then pulling them back.
17:46Mr. President, Wall Street analysts have coined a new term called the taco trade.
17:50They're saying Trump always chickens out on the tariff threats,
17:53and that's why markets are higher this week.
17:55What's your response to that?
17:56I kick out?
17:57Chicken out.
17:58Oh, isn't that a chicken out?
18:01I've never heard that.
18:01You mean because I reduced China from 145% that I set down to 100% and then down to another number?
18:09And I said, you have to open up your whole country.
18:12And because I gave the European Union a 50% tax tariff,
18:20and they called up and they said, please, let's meet right now.
18:23Please, let's meet right now.
18:25And I said, okay, I'll give you till June 9.
18:28I actually asked them, I said, what's the date?
18:30Because they weren't willing to meet.
18:31And after I did what I did, they said, we'll meet any time you want.
18:36But I knew that.
18:38But don't ever say what you said.
18:40That's a nasty question.
18:42Go ahead.
18:43To me, that's the nastiest question.
18:45Taco was first termed by the Financial Times' Robert Armstrong
18:49and later was picked up for use by the Wall Street traders
18:53who see large sell-offs each time Trump's tariffs are announced,
18:57followed by recovery when the demand is cut down or removed.
19:02Over the past few months, Trump announced tariffs on China, Canada, Mexico,
19:07the European Union, steel autos and electronics around the world,
19:11starting off at high numbers,
19:13only to retract or reduce the tariff rates subsequently.
19:17With Neha Kumari, Bureau Report, India Today.
19:21That's all in the show.
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