The New Route of Geoeconomic Competition: Comparison of the Belt and Road Initiative and the Imec Project Within the Framework of New Trade Theories

The importance of trade routes and economic cooperation in geoeconomic and commercial terms is increasing day by day. Throughout history, global trade routes have always been of strategic importance. Ancient trade routes, such as the Silk Road, facilitated early trade and cultural exchange. However, technical and political disruptions have forced global supply chains to new routes. Disruptions to key shipping routes, such as the Suez Canal, have underlined vulnerabilities in global trade. Changing commercial and economic centers in our world have brought new routes. The axis of global trade has shifted from traditional hubs in North America and the European Union to include the Asia-Pacific region, which is driven by East Asian economies such as China, Japan, and South Korea in particular. In this environment, today's two important economic collaborations have led to the emergence of new trade routes. BRI and IMEC are the two most discussed projects. The fact that these projects have not only commercial but also political consequences has brought the concept of geoeconomy to the fore. This study aims to compare BRI and IMEC using Melitz's new trade theory within the framework of the concept of geoeconomics.