First Ministerial Level Talk held for BCIM Trade Corridor
India, China, Bangladesh and Myanmar held the first ever official-level discussions on the ambitious BCIM economic corridor to link India and China with Bangladesh and Myanmar.
The economic advantages of the BCIM trade corridor are:-
Approach to numerous markets in Southeast Asia,
Improvement of transportation infrastructure and
Creation of industrial zones
Currently, the four nations raised an ambitious proposal that included developing multi-modal transport, such as road, rail, waterways and airways, joint power projects, telecommunication networks, etc. As a first step, they will identify realistic and achievable infrastructure projects to boost physical connectivity.
Over the next six months, each country will come up with a joint study report proposing concrete projects and financing modalities, before the next meeting of the four nations in June 2014, hosted by Bangladesh.
The linking of all four countries by road has strengthen the belief that this corridor would subsequently open up the whole of the northeastern region of India to Southeast Asia and China and turn it into a significant channel of trade.
BCIM Trade Corridor
The Bangladesh-China-India-Myanmar (BCIM) economic corridor is a test case for cooperation between India and China in regional development as well as addressing common challenges. It aims to connect Kolkata with China’s Kunming city with a highway running through Bangladesh and Myanmar.