- EURASIAREVIEW.COM - A la une - 11/07/2024 22:49

PM Sheikh Hasina’s Visit To China Ushers In New Era Of Economic And Strategic Partnership – OpEd

Bangladesh's Prime Minister Sheikh Hasina's three-day visit to China, which started on July 8, is a key milestone in Bangladesh-China ties. At the request of Chinese Premier Li Qiang, this visit has advanced bilateral relations from a "strategic partnership" to a "comprehensive strategic cooperative partnership." This transition promises to open up new possibilities and increase collaboration across all fields. The subsequent bilateral meetings included a wide variety of important concerns for both countries, including the Rohingya crisis, business, trade, investments, and regional and international issues. These sessions highlighted the mutual commitment to improving cooperation and solving common concerns. The visit's highlight was signing 21 documents, including two renewed Memorandums of Understanding (MoUs), and unveiling seven new initiatives. These agreements were signed in the presence of both leaders, indicating a strengthening cooperation between Bangladesh and China. Economic and Banking Sector Cooperation: Agreements such as the MoU on Strengthening Investment Cooperation in the Digital Economy and the MoU on Banking and Insurance Regulatory Cooperation between China's National Financial Regulatory Administration (NFRA) and Bangladesh Bank seek to strengthen economic ties and financial stability. These will pave the path for more investment and economic development in Bangladesh. Trade and Investment: The Protocol on Phytosanitary Requirements for the Export of Fresh Mangoes from Bangladesh to China creates new markets for Bangladeshi agricultural goods, whilst the MoU on Trade and Investment Cooperation aims to improve trade flows and investment prospects. Infrastructure Development: Several agreements, including the Exchange of Letters on China-aid projects, such as the renovation and construction of the 6th and 9th Bangladesh-China Friendship Bridges, demonstrate China's commitment to Bangladesh's infrastructure development. Digital Economy and Disaster Management: The MoU on Strengthening Digital Economy Cooperation and the signing of Minutes of Discussions on the Feasibility Study of the China-aid National Emergency Operation Centre in Bangladesh Project demonstrate collaboration in advancing digital connectivity and disaster management capabilities. Media and Cultural Exchange: A key feature of the visit was the emphasis on media cooperation and cultural interchange. Abul Kalam Azad, Managing Director and Chief Editor of Bangladesh Sangbad Sangstha (BSS), has inked a Memorandum of Understanding (MOU) with the China Media Group (CMG) as well as an arrangement with Xinhua News Agency. These accords seek to improve information sharing and cultural understanding, establishing stronger relationships between the peoples of both countries. In addition to the inked instruments, seven initiatives were announced to further bilateral cooperation: 1. Joint Feasibility Study on China-Bangladesh Free Trade Agreement: The study's result paves the way for future discussions to create a free trade agreement, which would dramatically strengthen economic connections. 2. Optimization of Bilateral Investment Treaty: Discussions to improve the current China-Bangladesh Bilateral Investment Treaty aim to create a more favorable environment for investors, fostering economic growth and development. 3. Telecommunication Network Modernization: The completion of the Modernization of Telecommunication Network for Digital Connectivity project will help Bangladesh achieve its goal of a digital economy by improving connectivity and enabling technical breakthroughs. 4. Single Point Mooring Project: Completing the Single Point Mooring trial run with Double Pipe Line project seeks to strengthen Bangladesh's energy infrastructure by providing efficient and reliable fuel delivery. 5. Rajshahi WASA Surface Water Treatment Plant: The launch of this initiative aims to improve water treatment and supply in Rajshahi, therefore contributing to improved public health and sanitation. 6. Academic Collaboration: An MoU between Shandong Agricultural University and Bangabandhu Sheikh Mujibur Rahman Agricultural University aims to foster academic and research collaboration in the agricultural sector. 7. Luban Workshop in Bangladesh: The announcement of the construction of a Luban Workshop in Bangladesh focuses on vocational training, enhancing skills development and employment opportunities. The promotion of Bangladesh-China ties to a comprehensive strategic cooperative partnership is an important milestone in their bilateral relationship. This advancement underscores the increasing significance of their collaboration in regional and global settings. The agreements and announced initiatives demonstrate both countries' commitment to expanding collaboration in a variety of areas, including economic growth, trade, infrastructure, and cultural exchange. Prime Minister Sheikh Hasina's visit to China demonstrates the reciprocal advantages of this alliance. It represents prospects for economic expansion, technical progress, and improved infrastructure for Bangladesh. For China, it boosts its strategic footprint in South Asia and supports the Belt and Road Initiative. The successful completion of this visit ushers in a new era of collaboration between Bangladesh and China. The comprehensive strategic cooperative agreement will serve as a framework for future development and cooperation, delivering major advantages to both countries. Dhaka sees this achievement as a turning point in its foreign policy, enhancing its influence in the region and beyond.