Strong political will needed to launch BCIM corridor: ministers

The initiative of launching the economic corridor of Bangladesh, China, India and Myanmar (BCIM) is not gaining momentum mainly due to a lack of political will, ministers in Bangladesh said.

The corridor is a modern version of the Silk Road and a revision of the 1999 Track II Kunming initiative between BCIM countries. 

It will run from China's Kunming province to Kolkata in India and link Mandalay in Myanmar and Dhaka and Chittagong in Bangladesh. 

The economic corridor will largely benefit the four neighbouring countries as it will facilitate trade by providing greater market access, the ministers said.

They spoke at a seminar on economic corridor organised by Bangladesher Samyabadi Dal at Cirdap Auditorium in Dhaka yesterday. 

"Negotiation is now at the final stage," said Tofail Ahmed, commerce minister, “But its outcome will depend on India and China.” 

China and India are the major players of this important economic bloc, the minister said.

They are each other's important neighbours and two mainstays in the multilateralisation process, he said.

In 2001, interregional trade among the BCIM countries was around $6 billion, which reached more than $100 billion now, he said. 

Mistrust among the neighbouring countries is holding them back from gaining benefit, said Hasanul Haque Inu, the information minister. 

A bold political decision is very important to expedite the initiative of the economic corridor, he said.

The corridor received formal endorsement through the first inter-governmental study group meeting in Kunming on December 18-19 in 2013. 

The BCIM region is inhabited by two-fifths of the world population and produces one-tenth of global GDP. 

The purposes of the corridor are to benefit from greater market access for goods, services and energy, elimination of non-tariff barriers, better trade facilitation, and investment in infrastructure development. 

The corridor will boost socio-economic development and trade in South Asia, said Dilip Barua, former industries minister and general secretary of Bangladesher Samyabadi Dal.

The initiative seeks to improve connectivity and infrastructure, energy resources, agriculture, trade and investment, he said.

It will connect the four countries through a network of roads, railways, waterways and airways under a regulatory framework, he said. 

Intraregional trade among BCIM member states amounted to 5 percent of total BCIM trade in 2012, as opposed to 35 percent in Asean countries.

The corridor will benefit Bangladesh with enhanced connectivity and help attract more foreign tourists, said Rashed Khan Menon, civil aviation and tourism minister. 

Chinese Ambassador Ma Mingqiang said sub-regional grouping is important for mutual benefits. So China is giving priority to the BCIM corridor, he said.  

Indian Deputy High Commissioner to Bangladesh Sandeep Chakraborty said combined efforts are needed to start operation of the corridor.

India has already completed its study on the corridor and is waiting for other three members' study, he said.

Kazi Akram Uddin Ahmed, president of the Federation of Bangladesh Chambers of Commerce and Industry, also spoke.