Bangladesh, China, India and Myanmar Economic Corridor (BCIM-EC): Next Window for Economic Development in Asia

Abstract

The objective of this paper is to explore the trade and investment along with geo-political collective potentials of four neighboring countries: Bangladesh, China, India and Myanmar under the realm of sub-regional cooperation called Bangladesh, China, India and Myanmar Economic Corridor (BCIM-EC). The study addresses both intra-BCIM and BCIM trade with world based on the secondary data from various sources for the period during 2005-2013. It also strives to promote economic cooperation based on mutual complementarities among the BCIM countries by making the best use of their comparative advantages in terms of the abundant natural, human and other resources. The paper recommends some ways to increase intra-BCIM trade manifold along with enhancing trade outside the block (‘one belt, one road’ development strategy of China) to become one of the dominant trade and investment blocks in the world. The paper highlights that this forum would help ensure socio-economic development in Asia along with enhancing the share of GDP of BCIM economies compare to world GDP. Following brief introduction of the paper, the evolution, opportunities and geopolitical features of BCIM, countrywise performance, potentials and GDP scenario of BCIM member countries, BCIM trade with world along with intra-BCIM trade, collective prospects of BCIM-EC, recommendations and conclusion have been made.