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Bangladesh-China-India-Myanmar Economic Corridor July 11, 2019

Bangladesh-China-India-Myanmar Economic Corridor

The proposal for the Bangladesh-China-India-Myanmar Economic Corridor (BCIMEC) was unveiled by China and India during Premier Li Keqiang's visit to India in May 2013, with the objective of linking the two huge markets of China and India and enhancing regional connectivity. Bangladesh and Myanmar welcomed the proposal.

In December 2013, the first BCIMEC joint study group meeting was held in Kunming, and a joint study plan was signed by all parties, leading to the establishment of a mechanism for cooperation among the four governments.

When meeting with Prime Minister Narendra Modi in India in September 2014, President Xi Jinping suggested that China and India spearhead a joint effort to accelerate the construction of the BCIMEC under the framework of the Belt and Road Initiative.

At its second meeting in Cox's Bazaar, Bangladesh in December 2014, the BCIMEC joint study group discussed the vision, priorities, and direction of future development of the BCIMEC. In addition to bringing benefits to the four countries directly involved, the corridor is also expected to spur growth in South, Southeast and East Asia as well.

In April 2017, the BCIMEC joint study group met for the third time in India's Kolkata, and discussed the research report that had been jointly compiled by the four countries. The parties agreed that the report reflected their consensus on exchanges and cooperation in a number of key sectors including connectivity, energy, investment and financing, facilitation of trade and investment in goods and services, sustainable development, and cultural and people-to-people exchanges.

In addition to direct benefits to the four countries, the BCIMEC is expected to boost the integrated development of the three economic plates of South, Southeast and East Asia.