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The BRI is a multilateral and multi-dimensional economic proj­ect. At its core is seamless and multi-model connectivity. Nepal and Bangladesh should adopt a similar multi-dimensional, mul­tilateral approach. In South Asia, bilateralism is prevailing over mul­tilateralism. Nepal, Bangladesh and the rest of South Asia need to emerge from this bilateral syn­drome and open up to multilat­eral cooperation. The SAARC is a regional cooperation forum but it should now opt for open region­alism and economic cooperation.

SAARC should be connected with ASEAN, BIMSTEC and BCIM. Preferably, SAARC should also be connected with BRI. Bangla­desh wants this. I request Nepal to also advocate open regionalism because it can effectively bring the whole of South Asia closer.

BRI should not be seen only as a project to utilize Chinese capital to construct infrastructures across the world. The concept emerged from China, but it has now become a global initiative to build a new international order based on enhanced development. It can be a means to end poverty—all under a more equitable world order.

Bangladesh takes the pro­posal positively and expects an increasing inflow of Chinese FDI, increased access to the colossal Chinese market and continuous Chinese support in infrastructure development. Bangladeshi exports to China have increased by 40 percent in five years. We South Asians need to develop a consen­sus on China’s role in South Asia and China needs to appreciate our contextual realities. But China will need to avoid the prospect of BRI beneficiaries falling into debt and transfer of capital from the west.

China should structure the terms for the financing of BRI projects so that recipients can sustain the debt. It would be better if China considers restructuring its BRI projects in partnership with host countries rather than push for exclusive loan investments.

The policy of a debt trap will make China an economic loser. If there is partnership, there is no question of a debt trap. In the case of Bangladesh, we have payback capacity and there is no burden on our economy. There is no issue of a debt trap. China is engaged with all South Asian countries. The challenge for China is to ensure equal benefits for other countries, and not just look after its own ben­efits. Conversely, the challenge for South Asian countries is to prevent China from excessively exploiting them. To that end, they need to develop their own countries and to diversify their relations.

We need to develop South Asia into an economically united region. To achieve this, countries should move beyond old para­digms, build trust and engage in meaningful and mutually bene­ficial ways. There is a tendency among countries here to seek and maintain extra-regional allianc­es to balance and contain each other. But I expect this tendency to diminish.

(Last week, experts from South Asia and Southeast Asia were in Kathmandu for the ‘Fourth international Conference on Belt and Road for the Development and Prosperity of South Asia’. This article is based on Kamal Dev Bhattarai’s discussions with senior Bangladeshi politician and former Minister of Information Hasanul Haq Inu.)