US, Japan, Australia reviving 'Blue Dot'

Context

The US, along with the Japanese and Australian governments, are reviving the 'Blue Dot Network' infrastructure initiative to provide an alternative to China's Belt and Road Initiative (BRI).

About ‘Blue Dot Network’

• The Blue Dot Network was formally announced on 4 November 2019 at the Indo-Pacific Business Forum in Bangkok, Thailand during the 35^th ASEAN summit.
• The project is led by the US’s International Development Finance Corporation (DFC).
• Objective: The initiative is meant to galvanize the private sector investment in infrastructure development in emerging markets.
  • It is expected to serve as a global evaluation and certification system for roads, ports, and bridges with a focus on the Indo-Pacific region.
  • The projects that are approved will get a “Blue Dot”, which would set universal standards of excellence to attract private capital to projects in developing and emerging economies.
  • It will be a globally recognized symbol of market-driven, transparent and sustainable infrastructure projects.
  • It will foster sustainable economic growth by promoting excellence in infrastructure development and supporting alternatives to predatory lending.
• Principles: The Blue Dot Network will use infrastructure development principles set by the G20 and G7 nations as a foundation for its standards.
• Support: OECD will provide technical and operational input to the global certification process.

India’s role

The US wants India on board for the project, as it remains the only member of the Quadrilateral Security Dialogue (Quad) to not be a part of the Blue Dot Network.