Topic One: Discussion on - How to Build the Financing Cooperation Mechanism for the Construction of BCIM Free Trade Zone; and

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1 BCIM Exchanges Forum China-South Asia International Financial Opening Cooperation and Formation of Pan Asia Stock Exchange 9 th - 10 th June 2014, Kunming, China Brief Background / Introduction The Kunming Initiative, which is currently known as BCIM (Bangladesh-China-India-Myanmar) Economic Connectivity Forum for Regional Cooperation began its journey in August 1999 in Kunming, capital of China s southwestern province of Yunnan province. After 14 years of intense dialogue and cooperation, today BCIM Forum has become an important sub-regional cooperation mechanism in the region, aimed at greater integration of trade and investment between the four countries. Subsequently, to facilitate and consolidate the process of regional economic cooperation and create cross border trade and investment opportunities both at public and private sector level, an organization named China Kunming International Logistics & Finance Association (ILFA) has been set up in Kunming at the support of the Chinese Government. ILFA is working for the connectivity and cooperation issues covering Southeast Asia, South Asia and Indian ocean regions and also working towards infrastructure construction including roads, land and deep sea ports, significant projects, construction of industrial parks, free trade zones etc. Among other objectives, ILFA is also exploring the possibilities of creating platforms for international Exchanges, researching on financial instruments, formation of international logistics organizations and regional financial organization for ensuring financial interconnectivity of the region. With this progress and in line with the Minutes of Meeting and Letter of Intent signed in the BCIM Economic Corridor Interconnection and Interworking Formation Forum held in Fuzhou, China on 10 th November 2013 and MOU signed with the South Asian Federation of Exchanges (SAFE) in Dhaka on 25 th January 2014 respectively, the forum had reached the consensus to create a mechanism for financial cooperation for the BCIM economic corridor and enhance Asia-wide financial cooperation for operations at non-governmental level and formed the BCIM Exchanges Forum, a sub-forum of the BCIM main forum to design and introduce innovative financial products under RMB settlement, clearing and similar issues. On final discourses, the SAFE, ILFA and other participating stock exchanges / institutions decided to organize the BCIM Exchanges Forum as the key platform for China-South Asia International Financial Opening Cooperation. China-South Asia International Financial Opening Cooperation and BCIM Exchanges Forum Subsequently, under the initiative of BCIM Exchanges Forum, ILFA and SAFE a meeting was organized during 9 th - 10 th June, 2014 in Kunming, China under the title: BCIM Exchanges Forum for China-South Asia International Financial Opening Cooperation. The main theme of the meeting was Free Trade Zone and International Financial Opening Cooperation and the agenda/ topics of the meeting were: Topic One: Discussion on - How to Build the Financing Cooperation Mechanism for the Construction of BCIM Free Trade Zone; and Topic Two: Discussion on - How to Launch and Found a Pan Asia Stock Exchange under the International Financial Opening Cooperation. Page 1 of 7

2 Photo Caption: CSE Chairman & Chairman of South Asian Federation of Exchanges (SAFE) Dr. Muhammad Abdul Mazid addressing the BCIM Exchanges Forum. The meeting was participated by the nominated representatives of the SAFE and its member exchanges, China Kunming International Logistics & Finance Association, Chittagong and Dhaka Stock Exchanges, Bangladesh Institute of International Strategic Studies, Securities and Exchange Commission of Thailand, Insurance Association of Bangladesh, and other Governmental Officials, Commercial Organizations, Business Leaders, Press and Electronic Media and delegates from other participating entities. The Forum received generous support from the Consulate General of Bangladesh in Kunming, Consulate General of Myanmar in Kunming, China Yunnan Provincial People s Government, China Yunnan Provincial Department of Commerce, the Financial Office and the Foreign Affair Office of Yunnan Government, Yunnan Lan Cangjiang-Mekong River Sub-regional Economic and Trade Centre, Kunming Opening-Asia Transportation Logistics Research Institute and other organizations. The Foreign Secretary of Bangladesh (MOFA) in his massage sent on 6 th June, 2014 to the Forum expressed Bangladesh government s support towards the Forum s efforts on regional financial integration, China-South Asia International Finance Opening and Co-operation on BCIM economic corridor issues specially suggesting international financing mechanism for the establishment of China- Bangladesh Economic Corridor connectivity issues, specially establishing the Free Trade Zones. Meetings & Declarations After thorough discussions on the agenda/ topics of the meetings, the forum reached the consensus and agreed to issue a Joint Declaration and a formal Declaration for formation of Pan Asia Stock Exchange Ltd. The signatories of the declarations are: Page 2 of 7

3 1. China Kunming International Logistics & Finance Association (ILFA) 2. South Asian Federation of Exchanges (SAFE) 3. Chittagong Stock Exchange Ltd 4. Dhaka Stock Exchange Ltd 5. Lahore Stock Exchange Ltd 6. Myanmar Oriental Bank Observers: 1. Colombo Stock Exchange 2. Royal Securities Exchange of Bhutan The observers shall decide about joining the group at a later stage. Photo Caption: CSE Chairman & Chairman of South Asian Federation of Exchanges (SAFE) Dr. Muhammad Abdul Mazid signing an MoU. The highlights of the declarations are as follows: 1. The Forum reached the consensus about establishing non-governmental financing mechanism for China-South Asia International Finance Opening and Cooperation. The Forum will also research on how to promote the International Finance Opening and Co-operation, creating and marketing innovative financial products suitable for the objectives. Decisions of all meeting of the Forum shall be submitted to quarterly meetings of BCIM governmental working group, China-Bangladesh governmental working groups, Greater Mekong Sub-region (GMS) leadership summit and other bilateral and multilateral economic forums participated by China. The forum will work together on promoting BICM Economic Corridor building, China-Bangladesh Economic Corridor building and China-South Asia International Finance Opening and Co-operation. Page 3 of 7

4 2. The Forum emphasized to support the construction of Silk Road Economic Belt and the 21st Century Maritime Silk Road. The Forum agreed, guided by UN-ESCAP and joined by experts from the relevant countries, to suggest plans for the Asian economic corridors transport facility which can act as the basis for making financing products through bilateral research. 3. The Forum agreed to support the suggestion of setting up the pilot projects of BCIM Free Trade Zones. It reached consensus on supporting the government of four countries under the framework of UNESCAP Governmental Land-ports Agreement. This aims to build all the land ports under the pilots of BCIM Free Trade Zones including international land ports like Dhaka - Kamlapur Land Container Depot (Bangladesh), Kunming-Tengjun International Land Port (China), Kolkata-Durgapur International Land Port (India), Mandalay International Land Port (Myanmar) and others. Building bonded areas under the customs supervision in the Free Trade Zone, promoting bonded logistics, national treatment access system, negative list, off-shore finance and facilitation of customs clearance shall be among the other main targets. 4. The Forum has agreed to support the suggestion about setting up of a Pan Asia Stock Exchange, based in Kunming, China. It decided to organize the Joint Committee to investigate as to how to develop the stocks, bonds, futures, gold and other financial derivative instruments to be used for the construction for the BCIM and other Asian Economic Corridors for the regional nations (like railway, highway, river, and others), the industrial gardens construction (like Sonadia Port, Chittagong Port, Kyaukpyu Port and others), the energy development (like electric power, natural gas and others) and other infrastructural fields. All of these to be supported through international financing mechanism for infrastructure connectivity constructions possibly through cross border investments between Chinese investors and other enterprises / entities. Photo Caption: Former CSE President and immediate past Chairman of South Asian Federation of Exchanges (SAFE) Mr. Al Maruf Khan who is also the Vice Chairman of China Kunming International Logistics & Finance Association (ILFA) addressing the BCIM Exchanges Forum. Page 4 of 7

5 It is decided that the meeting of Pan Asia Exchanges Forum will be organized during each year s South Asia EXPO organized by China. Agenda would continue to research on establishing BCIM and other Asian Urban industrial zones specially building pilot projects for Free Trade Zones. All the participants expect that China National Development Bank and Shenzheng Stock Exchange to take part in establishment Kunming Opening - Pan Asia Stock Exchange and to put this agenda into BCIM Early Harvest Program. The Financial Office of China Yunnan Provincial Government is to act as the Project Supervision Office for BCIM Economic Corridor Formation within the framework of Yunnan Provincial Border Financial Pilot Regions of Comprehensive Reform for product and process innovations. The Forum agreed all participating countries to support and co-operative settlement in RMB with Pan Asia Stock Exchange for transactions programs of stocks, bonds, futures, gold and other financial derivative instruments. The Forum agreed that establishing the non-governmental financing mechanism would promote financial market for opening and cooperation, support commercialized services for the RMB Settlement and RMB Clearance program cooperation, advance the mutual participations by banks, insurance and stock exchanges, build join transactional credit assessment system, build risk monitoring and controlling platform, a common regulatory framework which shall cover all kinds of financial markets, financial organizations, financial products, financial instruments and settlements of transactions. It also agreed to put up joint efforts and working together to provide suggestions to all relevant governments to harmonize and improve legal policies, communications, codifications and cooperation between China (especially Yunnan) and Asian countries to support and facilities services for cross-border investment and financing. Photo Caption: CSE Chairman & Chairman of South Asian Federation of Exchanges (SAFE) Dr. Muhammad Abdul Mazid exchanging the crest of honor with Dr. Vorapol Socatiyanurak, Secretary-general of Thailand Securities and Exchanges Commission, while SAFE Secretary-general Mr. Aftab Ahmad also seen present in the event. Page 5 of 7

6 About the Formation of Pan Asia Stock Exchange Bangladesh-China-India-Myanmar Economic corridors need huge funds, both from private and public sector, to support infrastructural constructions such as harbor, railways, highways and other areas like industrial park/ free trade zone and many other projects related to BICM economic co-operations. Accelerating the much needed cross border infrastructure requirements construction can help ease bottlenecks of the regional infrastructure requirements which will effectively guarantee the smooth, convenient and efficient cross border logistics movement as well as improve human capital and prompt industrial development in BCIM region. With this in the mind, the concept of establishing a specialized regional stock exchange came into the scenario to serve as investment and trading platform, establish a cross border opening of China-South Asian investment cooperation in both public and private sector, determine appropriate method for financing and selection of currency denominations for kind of projects undertaken under BICM and regional initiatives. As such, China Kunming International Logistics and Finance Association (ILFA), South Asian Federation of Exchanges (SAFE) and Exchanges from BCIM member countries as well as Exchanges from SAFE member countries and financial institutions voluntarily move forward in formation of this regional stock exchange with funding constructions related to BCIM Economic Cooperation. The proposed stock exchange will be set up in Kunming, China and initially trading products to include Yuan denominated securities RMB bonds, RMB fund RMB index products. These products can be listed in other partner exchanges which will then allow the community of the region to participate in the cost and financial benefits of such economic corridor construction. It is provisionally agreed that Chinese counterparts shall undertake 51% while rest of the partners from other Asian countries shall take 49% stake of the Exchange. Agreed upon common interest, a Declaration of Charter has been signed amongst interested stock exchanges/ financial institutions of BCIM as well as Stock Exchanges of SAFE member countries expressing interest in formation of a new regional stock exchange, to be named as Pan Asian Stock Exchange once floated. Way Forwards: Members of the Pan Asia Stock Exchange shall form country specific Working Group, as well as BCIM Joint working Group. An overall apex working group comprising of all regions including BCIM, SAFE and other groups. ILFA will be in charge of steering the issues and connection on the Chinese side. SAFE will be in charge of the composition and connection of Exchange from the South Asian countries. Dhaka Stock Exchange and Chittagong Stock Exchange shall be in charge of connections with regulators and policy makers and with Bangladesh government and Dhaka Stock Exchange will be the central point in Bangladesh part. Myanmar Oriental Bank will coordinate with its domestic exchange(s) and will coordinate with the regulators and policy makers and with Myanmar government; and Lahore Stock Exchange will coordinate with other domestic exchange and will coordinate with regulators and policy makers and with Pakistan government. All the members shall push towards formation of this regional exchange be in the early harvest plan of BCIM Joint Working Group (JWG), at the same time, all of the members of the declaration shall determine the modus operandi of Pan Asia Stock Exchange and the proportion of equity. Page 6 of 7

7 Working Groups: The parties agreed to form the following working groups: 1. BICM working group: This group will have the country specific working group as follows: Dhaka Stock Exchange Ltd and Chittagong Stock Exchange Ltd will form Bangladesh Working group and they will lay out their internal composition of members. Myanmar Oriental Bank will lead on behalf of Myanmar to form its working group and they will lay out their internal composition of members. ILFA will lead on behalf of China to from its working group and they will lay out their internal composition of members. Exchanges in India will lead on behalf of India to form its working group and they will lay out their internal composition of members. 2. SAFE Working Group: Countries of SAFE members except Bangladesh and India will form its working group and they will lay out their internal composition of members. Both the working groups will report to the Executive Committee of ILFA. It may be mentioned here that Mr. Al Maruf Khan former President of CSE and immediate past Chairman of SAFE and who is also the Vice Chairman of China Kunming International Logistics & Finance Association (ILFA) played significant role in organizing SAFE BCIM Exchange Forum meetings and floating the concept of establishing the Pan Asia Stock Exchange. In the sideline of the BCIM meetings, there held a SAFE Executive Board meeting. The meeting was attended by the SAFE Executive Board Members from Bangladesh, Bhutan, Pakistan and Sri Lanka and presided over by the CSE Chairman Dr. Muhammad Abdul Mazid as the Chairman of SAFE. Among the agenda discussed, the meeting appreciated the role played by Mr. Al Maruf Khan as the former Chairman of SAFE. The meeting also agreed to offer Mr. Al Maruf Khan the Honorary Designation of Principal Advisor for the purpose of enhanced SAFE-BICM cooperation. = = = = = = = = = = = Page 7 of 7

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