Dhaka: China wants to sign a memorandum of understanding (MoU) with Bangladesh on 'Silk Road Economic Belt' and 'Maritime Silk Road' in an effort to enhance and further develop the economic and trade relations between the two countries, according to officials.

Bangladesh, however, has not yet taken any decision but is scrutinising the various aspects of the proposal, a senior official at the Finance Ministry told UNB.

‘There're so many issues to look into. We're looking into all the aspects,’ the official said confirming that the matter is still under an initial stage.

The MoU, once agreed, will be signed under the Framework of China-Bangladesh Joint Committee for Economic and Trade Cooperation, according to another official at the Economic Relations Division.

The official said the MoU, if signed, will come into effect upon signature and will remain valid for five years.

On the expiry date, the MoU could be extended or amended under the proposal of the joint committee.

The joint committee for economic and trade cooperation will be responsible for the implementation of the MoU.

The leading departments for the joint committee from both sides will be responsible for the routine work and file report on the progress of work to the joint committee regularly.

The Chinese Embassy in Dhaka recently wrote to the Economic Relations Division of the Finance Ministry for signing the MoU on joint promotion for the construction of 'Silk Road Economic Belt' and Maritime Silk Road of the 21st Century.

An official preferring anonymity said the letter was written on January 16 and the MoU will be signed between the Chinese Commerce Ministry and Bangladesh Finance Ministry.

A draft MoU containing six articles have been shared with the ERD to forward this proposal to the authorities concerned for comments and approval.

The Chinese side said the MoU could be signed on the occasion of the 40th anniversary of the diplomatic relations between Dhaka and Beijing which is on.

China thinks the MoU will help strengthen the practical cooperation further on economic and trade in all spheres to the mutual benefit and development.

Both sides think the MoU on the issues will further benefit the close relationship and the cooperation in the future.

The two sides will be strengthening the exchange of communication on national economic development strategies, making proper plan and design for bilateral economic and trade cooperation apart from encouraging the enterprises of both countries to develop all forms of mutually beneficial cooperation on mutual trust and on the principle of market rules under the guidance of the two governments.

The Chinese side will continuously provide aid and assistance to Bangladesh side within its capacity, and encourage Chinese financial institutions to provide financing support to the infrastructure development of Bangladesh for the wellbeing of the people and economic and social development, according to a draft shared by the Chinese side with the government.

Both sides will try to further strengthen the cooperation to improve the trade balance.

The Chinese side will encourage the Chinese enterprises to invest more in Bangladesh infrastructure and manufacturing and Bangladesh side will create favorable investment environment for the Chinese enterprises.

With a vision to revive the ancient Silk Road spirit of peace and development and adapt countries along the road to new realities in the 21st Century such as globalisation, regional integration and win-win cooperation, Chinese President Xi Jinping proposed in 2013 that China and countries along the ancient Silk Road would build together the Silk Road Economic Belt and the 21st Century Maritime Silk Road (the Belt and Road Initiative' for short).

The initiative aims to inject strong impetus in enhancing political mutual trust, deepening economic cooperation, and promoting cultural as well as people-to-people exchanges among relevant countries, according to Chinese Foreign Ministry.

21st Century Maritime Silk Road is not just a physical trade or transportation route. It is an open platform for all relevant countries to work together for collaborative benefits in all areas.

The 21st Century Maritime Silk Road is an open and inclusive initiative of economic cooperation.

Since the initiative was first raised, more than 50 countries have actively supported and engaged themselves in the development of the Silk Road Economic Belt or the 21st Century Maritime Silk Road or both, including most of the Asean countries and many South Asian countries like Sri Lanka, Pakistan and the Maldives.