Human integration and cooperation generate dynamism and synergy in a social, cultural, and economic life that yields development. Development means positive change in an ecosystem, in other words, better living conditions for all the living beings.
In order to develop security, both cultural and economic, regional organisations like NAFTA, EU, and ASEAN were formed in advanced countries. These integrations reduced differences and enhanced the level of trust among people of the member countries. They started interaction at a people-to-people level bringing development within the regions. Regional cooperation has never been witnessed at such a level in South Asia – perhaps because of bitter political incidences the sub-continent experienced at the time of partition in 1947.
South Asian countries: Pakistan, Bhutan, Bangladesh, Maldives, India, and Sri Lanka established Sarrc (South Asian Association for Regional Cooperation) in 1985 to broaden integration and cooperation in the field of regional security, environment, culture, trade, etc, forgetting past wounds. Afghanistan joined this association later in 2007. In its 12th Summit, the association decided to create a complete free trade area by 2016.
However, because of various castes, religions, values, ethos, and political ideologies and systems, Saarc have yet to deliver on its promises. A bright future is not also seen in the horizon.
Based on changed regional and international geopolitical scenario, a new regional cooperation organisation is emerging. Bangladesh, China, India, and Myanmar are working towards the formation of an Economic Corridor, named BCIM-EC. The initiative had been put on first track since the first inter-governmental meeting between China and Bangladesh in Yunnan. Chinese premier Li Keqiang and former Indian Prime Minister Dr Manmohan Singh, appreciated the progress made during their meeting in May 2013 in Delhi.
A road show was organized, starting from Kolkata, crossing Bangladesh and Myanmar, and ending in Kunming in 2012, to generate public awareness and support for the initiative.
The First Joint Study Group (JSG) meeting of Bangladesh-China-India-Myanmar Economic Corridor was held in Kunming in December 2013.
The 1st JSG Meeting of BCIM-EC marked the official launch of the intergovernmental process of BCIM-EC. The next meeting will be held in the next June.
During the first joint study group meeting of BCIM countries, the four countries agreed that the priorities of BCIM-EC should focus on, among other things, the following areas: Regional connectivity, including transportation, telecommunication, and power and energy; trade and investment; sustainable development; and people-to-people exchange.
The BCIM-EC will advance multi-modal connectivity, break down trade barriers between countries, harness the economic complementarities, promote investment and trade, and facilitate people-to-people contacts.
The Economic Corridor will also help dovetail China, Bangladesh, India, and Myanmar on the issue of development strategies, build an even closer network of common interests and bring integration of respective interests to a higher level.
China is pursuing BCIM-EC as a part of its initiative for joint development of an “Economic Belt along the Silk Road” and a “Maritime Silk Road of the 21st Century.” President Xi Jinping of China emphasised the importance of the initiatives in his visit to Indonesia and Kazakhstan last October. These two major initiatives that China has made to deepen reform and opening-up and advance its neighbourhood diplomacy.
The revival of an economic belt more than two thousand years old, along the Silk Road that connected major civilisations across Asia, Europe, and Africa, will definitely boost global integration, where China and India will be playing lead roles.
Regional cooperation in the field of security, infrastructure, trade, and culture in BCIM countries still remain weak. Meaning, there is an immense opportunity for enhancement.
The size of BCIM-EC economies was more than $10tn in 2012, where the economies of euro countries were more than $12tn during the same period at current market price. In purchasing power parity method of GDP, the difference between the two regions might have been nullified. BCIM-EC will have close integration and cooperation with other BRIC countries, South Africa, and other East Asian countries that would create greater scope to expand.
Purchasing and investing powers of these countries are also augmenting.
By joining BCIM-EC, Bangladesh will have major benefits in the short term in developing our weak infrastructure, transportation of goods between two giant countries, removal of trade barriers, and receiving foreign direct investments. China has demonstrated to the world that it can competently build infrastructure, including roads, mega bridges, high-speed rails, modern ports, including deep-sea ports, power, etc, quite quickly.
Given the abundant educated workforce, easy access to the sea, and low labour cost, China is eager to invest in the manufacturing industries of Bangladesh, which will create enormous employment opportunities and boost economic growth.
Bangladesh should open agro, IT-based industries, and RMG, among other sectors, to catch Chinese outflow. India-China trade is planned to cross $100bn by 2015, which is currently about $70bn.
A portion of this planned trade can be transported through road and railway by lifting barriers. India has already accepted duty-free access to 500 Bangladeshi products.
The acceptance could not yet be materialised because of a few non-tariff barriers. China has also expressed willingness to expand “zero tariff treatment” to Bangladesh. Closer integration among BCIM countries will not only remove such non-tariff barriers but also would open windows for other thousands of products. Myanmar has a large amount of land which remains uncultivated because of a shortage of workforce. On the other hand, Bangladesh has a huge amount of under-employed cultivators.
Opening up and embracing are the games of the time. No nation can be prosperous by keeping its borders closed to the world.
Our neighbours are the first to whom we should open up and share. BCIM-EC creates scope for people-to-people contact with more than one-third of the world’s population. These people are carrying the legacy of the great civilisations of humankind. These people are rising. These people are taking the lead.