China eyes BCIM framework agreement shortly

China looks forward to sign a BCIM framework agreement latest by early next year to give “formal institutional shape” to its dream economic corridor.

Senior Correspondentbdnews24.com
Published : 20 Sept 2014, 11:32 AM
Updated : 20 Sept 2014, 11:43 AM

Charge d’ Affaires of the Chinese Embassy in Dhaka Qu Guangzhou on Saturday sought “all-out efforts” of the four countries to make it happen, given the significance of the corridor.

He said the forthcoming second joint working group meeting in Cox’s Bazar would work for a consensus on signing the agreement.

Guangzhou was sharing his government’s thoughts at a seminar on “BCIM-EC and Maritime Silk Route across the Bay” in Dhaka.

Centre for East Asia Foundation organised the seminar bringing representatives of Bangladesh, China, India and Myanmar that comprise the BCIM together.

Ambassador of Japan, which has recently launched another Bay initiative BIG-B, was also present in the audience.

The concept of BCIM -- Bangladesh, China, India and Myanmar -- was raised by think-tanks from four countries in 1999.

After nearly 15 years of Track II level discussion, China and India ultimately agreed to explore the possibility of an economic corridor during Chinese Premier Li Keqiang’s visit to India in May last year.

Bangladesh immediately announced its support and it will host the next joint working group meeting expected to be held in October.

Charge d’ Affaires Guangzhou said with strong Bangladesh’s support, “the establishment of BCIM-EC will materialize in foreseeable future”.

“Let us pool our wisdom and resources, work together to write a new chapter in Asian regional cooperation and build a happy life for all of us,” he said.

“If we take a look at the world, we may find that the integration of Europe Union could be a mirror of future of BCIM-EC.”

Guangzhou hoped that the Cox’s Bazaar meeting would “work on consensus of signing a BCIM Framework Agreement by the end of 2014 or early 2015, which will give formal institutional shape to BCIM Economic Corridor”.
He shared some ideas on how to promote the BCIM EC, which he said was of the “utmost importance”.
In a short-term, the priority should be focused on mechanism building that he expects the Bangladesh meeting will serve.
“Great results would be achieved in the shape of visible benefits for all four countries as soon as possible,” he said, adding that BCIM-EC could only be done in “a step-by-step manner”.
“The BCIM-EC is a long-term systematic project that cannot be completed overnight,” he said.
“Priority areas and early-harvest projects may include infrastructural connectivity, trade and investment facilitation, industrial cooperation and cultural and people-to-people exchanges.
“As transport and energy are posing considerable obstacles to closer regional cooperation, some mega projects on connectivity and power should be put on fast-track,” he said.
“In this regard, China stands ready to help.”
He said China has already invited Asian countries to join Asian Infrastructure Investment Bank and most of them have indicated their readiness to join.
Bangladesh has also decided to join the bank known as China’s own version of the World Bank.
The envoy said Chinese President Xi Jinping announced, during his just-concluded visit to India, that China will provide $30 billion investment and $20 billion concessional loans to the South Asia countries in the next five years.
He said that would bring “new vigour and vitality into the development of BCIM-EC”.
He said during the visit of Prime Minister Sheikh Hasina to China, Beijing and Dhaka signed a MoU on Establishment of the Chinese Economic and Industrial Zone in Bangladesh.
“I hope that the Zone will take shape as soon as possible and attract huge Chinese investment, which will usher in a new era for bilateral cooperation and regional collaboration as well.
“In long term, comprehensive and sustainable development should be the ultimate goal,” he said.
All projects of BCIM-EC are designed “to convert advantage of political relations, geographical proximity and economic complementarity into dividend of practical cooperation and sustainable growth”.
And those are aiming at “smooth flow of goods, sound governance, social harmony, mutual benefit and common development”.
In this context, he said BCIM countries should strengthen collaboration on their “strategies, policies, plans and measures for cooperation and the BCIM-EC building”.
The envoy said Bangladesh was also one of destinations of Chinese dream Southern Silk Road and the Maritime Silk Road initiatives.