China for giving BCIM an institutional shape

China hopes that four member countries will agree to sign a framework agreement in the second study group meeting to give the BCIM EC an institutional shape.

"We hope this meeting can work on the 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," said QU Guangzhou, charge d' affaires of the Chinese embassy, at a seminar yesterday.

The Centre for East Asia Foundation organised the seminar on BCIM EC and Maritime Silk Route at a city hotel.

Bangladesh will host the second study group meeting in November in Cox's Bazar.

Guangzhou said in a short-term, the priority should be focused on mechanism building and in a mid-term, early harvests should be achieved to bring visible benefits to four countries as soon as possible.

In a long-term, comprehensive and sustainable development should be the ultimate goal, he said. "The BCIM-EC is a long-term systematic project that cannot be completed overnight."

Priority areas and early-harvest projects may include infrastructural connectivity, trade and investment facilitation, industrial cooperation and cultural and people-to-people exchanges, he added.

As transportation and energy are posing considerable obstacles to closer regional cooperation, some mega projects on connectivity and power should be put on fast-track, the Chinese envoy said.

China has invited Asian countries to join Asian Infrastructure Investment Bank and most of them have indicated their readiness to join.

Chinese President Xi Jinping two days back announced that Beijing would provide $30 billion investment and $20 billion concessional loans to South Asian countries in next five years, which would bring new vigour and vitality into the development of BCIM-EC, the Chinese official said.

Myanmar Ambassador U Myo Myint Than said his country was taking an interest in the emergence of BCIM-EC.

"Myanmar also expects to reap economic benefits in the flow of trade between our neighbours," he said.

Myanmar is cooperating with other member countries to work on the concept of BCIM-EC, he said.

Gowher Rizvi, international affairs adviser to the prime minister, said setting up the BCIM EC was a high priority for Bangladesh.

He urged the member countries to work together for setting up the economic corridor.

BCIM EC, an initiative under track II diplomacy, elevated to track I when China and India in May last year publicly announced using the framework to boost connectivity in the region and it was welcomed by Bangladesh and Myanmar.

Foreign Secretary M Shahidul Haque at a review seminar last week said Bangladesh would emphasise on creating regional public goods so that it has direct impact on the well-being of the people in the region.

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