[🇧🇩] BIMSTEC for Regional Prosperity

BIMSTEC and regional prosperity
MIR MOSTAFIZUR RAHAMAN
Published :
May 15, 2024 22:10
Updated :
May 15, 2024 22:10



The emergence of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was seen as a major development in promoting regional cooperation in South Asia.

As the South Asian Association of Regional Cooperation (SAARC) has failed to meet the aspirations of its members in building a true and effective alliance, many considered the BIMSTEC as an alternative platform for regional cooperation in South Asia.

The SAARC, which was launched in the early 80s, has eight member countries including Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. But from its very inception, a section of its members treated it with suspicion and mistrust.

Mainly the sheer rivalry and mistrust between the two nuclear-powered members -India and Pakistan, the SAARC has failed to become an effective tool for regional cooperation even after three decades of its existence.

BIMSTEC has gained popularity among South Asian countries as a platform for regional cooperation and is seen as a bridge between South Asian and South East Asian countries.

Initially, BIMSTEC was called BIST-EC, i.e., Bangladesh, India, Sri Lanka and Thailand Economic Cooperation. After the inclusion of Myanmar, the organisation was renamed Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation (BIMST-EC). Later with the joining of Nepal and Bhutan in the grouping, it was named BIMSTEC, which is Bangladesh, India, Sri Lanka and Thailand Economic Cooperation.

With five countries from South Asia and two from ASEAN, the platform has emerged as a natural one for building effective regional cooperation in the South Asian region.

Setting up of the BIMSTEC secretariat in Dhaka, Energy Centre in Bengaluru in India, and formation of the BIMSTEC Business Council, a forum for business organisations to promote regional trade are seen as encouraging developments in the right directions.

Apart from these, several committees have been formed to oversee developments in various sectors, like the BIMSTEC Transport Connectivity Working Group.

However, recently questions have been raised whether it would have the same fate as the SAARC because of several factors.

Irregular holding of the BIMSTEC summit, the highest decision-making body of the organisation, has been a major concern since its inception. The BIMSTEC summit has taken place only thrice until now.

The secretariat also lacks proper resources which impedes its performance.

The delay in the adoption of the Free Trade Agreement (FTA), a framework that was agreed upon in 2004, is also seen as a major weakness of the platform.

The first BIMSTEC summit was in Bangkok, Thailand in 2004. The second and third summits were held in New Delhi, India in 2008 and Nay Pi Taw, Myanmar in 2014.

BIMSTEC covers a significant area of the world with large population that needs rapid growth.

BIMSTEC is home to 1.8 billion people, which is 22 per cent of global population, and is larger than the population of ASEAN (approx. 679.69 million) and EU (448.4 million) countries together.

Also, the combined GDP of BIMSTEC member States amounts to USD 4.5 trillion in 2022, which is 4.5 per cent of global GDP.

Through ensuring free trade, better connectivity, joint infrastructure development, cooperation in different sectors, BIMTEC can be a an effective platform in promoting growth which is essential for this region where a large chunk of the people are still fighting poverty and inequality.

Given the friendly relationship among member states, the BIMSTEC can be a true and effective multilateral mechanism for providing the Bay of Bengal nations an opportunity to work together to create a common space for peace and development.

So, a strong political will of the leaders of the member states is crucial to making BIMSTEC an effective and result-oriented platform of regional cooperation which can pave the way for peace and prosperity for millions of people.​

BIMSTEC: Transforming into a successful regional organisation
Prothom Alo English Desk
Published: 06 Jun 2024, 13: 42

In a historic development, the BIMSTEC Charter entered into force on 20 May 2024. It was signed on 30 March 2022 by the leaders of BIMSTEC member States in Colombo, Sri Lanka. The Charter articulates the long-term vision and commitment of the BIMSTEC member States to cooperate through the BIMSTEC framework to realise a peaceful, prosperous and secure Bay of Bengal region. The Charter establishes the legal and institutional framework for cooperation in the region; confers legal personality on the Organisation; enables admission of new members and observers; and empowers conclusion of agreements with other countries and organisations.

It enables the BIMSTEC to engage with the UN and other International Organisations as well as Regional Organisations to pursue development partnerships to enhance cooperation in Bay of Bengal region to deal with the shared developmental and security-related challenges.

On 6 June 2024, BIMSTEC completes 27 years of its journey that started in Bangkok in 1997, as "Bangladesh, India, Sri Lanka, Thailand Economic Cooperation" (BIST-EC) when these four countries came together to sign the Bangkok Declaration, committing to utilise the synergies in their capabilities and resources for their development. When Myanmar joined the group in 1997, BIST-EC became BIMSTEC (Bangladesh, India, Myanmar, Sri Lanka, Thailand – Economic Cooperation). Later, when Bhutan and Nepal joined in 2004, the BIMSTEC was renamed "Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation".

Regional cooperation under BIMSTEC has made steady progress and has been gaining momentum. It has been anchored by the BIMSTEC Secretariat, which was established in Dhaka, Bangladesh, in September 2014 and is headed by its Secretary General. In 2018, it was decided that the vision and goals of regional cooperation under the BIMSTEC should be constitutionalised in a Charter; eventually it was signed in March 2022 and entered into force on 20 May this year.

The BIMSTEC region is home to over 1.8 billion people, approximately 22% of the global population. The combined external trade of the BIMSTEC member States in 2022 amounted to USD 1.95 trillion while their combined GDP was estimated at USD 4.5 trillion

To read the rest of the news, please click on the link above.​

BIMSTEC: Modi discusses further strengthening regional cooperation in diverse areas
UNB
Published :
Jul 12, 2024 20:03
Updated :
Jul 12, 2024 20:03


Foreign Ministers from the BIMSTEC Member States jointly met Indian Prime Minister Narendra Modi in New Delhi on Friday.

He had "fruitful discussions" with the group of Ministers on further strengthening the regional cooperation in diverse areas including connectivity, energy, trade, health, agriculture, science, security and people to people exchanges.

Modi stressed the role of BIMSTEC as an engine for economic and social growth.

He reaffirmed India's commitment to a peaceful, prosperous, resilient and safe BIMSTEC region and highlighted its significance to India's Neighbourhood First and Look East Policies as well as in its SAGAR vision for Security and Growth for All in the Region.

Modi expressed India's full support to Thailand for the upcoming BIMSTEC Summit to be held in September.

Foreign Minister Hasan Mahmud attended the meeting.​

Bimstec yet to make substantial progress in trade: experts


The Bimstec sees trade as one of its priority areas, but the grouping of seven countries, including Bangladesh, is yet to make any substantial progress in boosting trade among its member states in South Asia and Southeast Asia.

The bloc, which began its journey in 1997, has not yet made any substantial progress in the reduction of tariff and non-tariff measures (NTMs), streamlining of regulatory frameworks and harmonisation of standards, according to the declaration of the third Bay of Bengal Economic Dialogue 2024 concluded on July 12 in Bangkok.

The dialogue took place ahead of the sixth Bimstec Summit, which is scheduled to take place in Thailand in September this year.

The South Asian Network on Economic Modeling (Sanem) in collaboration with the Chulalongkorn University, the Institute of Trade and Development (ITD) and The Asia Foundation (TAF) organised the dialogue.

Over 100 senior experts, scholars, diplomats and practitioners attended the two-day event.

The declaration, citing Bimstec's bid to accelerate the finalisation of Bimstec Free Trade Area (FTA), urges the leaders to expedite the finalisation of the FTA and implement strategic initiatives to drive sustainable development and regional stability.

"Trade and transit facilitations must be given top priority along with energy and digital connectivity," said the declaration, adding, "The conference recommended that the Bimstec FTA should be concluded in a-year time."

It said productivity enhancement, knowledge exchange and mutual recognition of standards and certification, paperless trade and currency cooperation could make the Bimstec FTA more effective, said the declaration.

The conference has recommended setting up a digital dashboard on trade barriers with coverage on NTMs, it added.

The intra-regional trade within Bimstec—the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation—remains low around 7 percent to total trade, according to a recent article of Sanem Executive Director Selim Raihan.

He said the share of Bimstec intra-regional trade remains higher than the Saarc region.

But it lags significantly behind Asean approximately by 25 percent, he added.

Raihan, a professor of economics at Dhaka University, said a deficit in political commitment from the leaders of member countries is a crucial factor limiting Bimstec's advancement.

The Bangkok declaration following the dialogue said the geographical contiguity, abundant natural and human resources, rich historical linkages and shared cultural heritage are some of the unique advantages that Bimstec enjoys.

"Bimstec shares high trade potential and economic complementarities. Not only an energy hotspot, Bimstec's strategic location is its greatest asset," it said.

The declaration said Bimstec, with its unique geographic location, can play a role in bridging South Asia and Southeast Asia through trade and connectivity.

"Second, Bimstec member states are surrounding the Bay of Bengal, which is not only a space to support regional trade and transport connectivity but it also connects international maritime trade routes between the Indian Ocean and the Pacific Ocean."

"Maritime and digital connectivity is the key in trade and security."

The declaration said the Bimstec member states are a powerhouse in some of the global products such as garments (Bangladesh), digital services (India), maritime services (Sri Lanka), consumer durables (Thailand), tourism (Nepal and Bhutan), among others.

"Therefore, greater intra- and inter-regional cooperation may pave the way for higher trade and growth."​

BIMSTEC urged to establish a 'free trade area'
FE REPORT
Published :
Jul 13, 2024 09:07
Updated :
Jul 13, 2024 09:07



Participants pose for photograph after the concluding session of the two-day long 3rd Bay of Bengal Economic Dialogue 2024 on Friday, organised by the South Asian Network on Economic Modeling (SANEM at Chulalongkorn University in Bangkok.

Discussants at the 3rd Bay of Bengal Economic Dialogue 2024 have called upon the BIMSTEC leaders to establish a 'BIMSTEC free trade area' to expedite trade and investments among the member nations.

They also called for the creation of a 'BIMSTEC Technology Bank', implementation of integrated scholarship programmes, and promotion of people-to-people exchanges to build a stronger regional identity.

The South Asian Network on Economic Modeling (SANEM) orgainsed the two-day long 3rd Bay of Bengal Economic Dialogue 2024 in Bangkok, which concluded on Friday, in collaboration with Chulalongkorn University, the Institute of Trade and Development (ITD) and The Asia Foundation (TAF).

Held at Chulalongkorn University, Bangkok, the event was attended by over 100 senior scholars, experts and stakeholders from across the Bay of Bengal region, including Bangladesh, India, Bhutan, Myanmar, Nepal, Sri Lanka, and Thailand, to discuss pressing regional issues under the theme 'The New World Order and BIMSTEC: Curtain Raiser to the Sixth BIMSTEC Summit,' says a press release.

Since its inception in 1997, the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) has played a crucial role in fostering economic and technical cooperation among its member states.

The summit was organised on a variety of themes, including the new world order and global challenges, trade, investment, and connectivity, governance, people-to-people relations, breaking barriers for future cooperation, trade and gender, and preparations for the upcoming BIMSTEC Summit.

After completion of the two-day summit, SANEM Executive Director Professor Selim Raihan read out the Bangkok Declaration.

The declaration was ceremoniously handed over to Mr Tshewang Dorji T, director of Environment and Climate Change at the BIMSTEC Secretariat in Dhaka, Bangladesh.

The Bangkok Declaration underscores the critical need for enhanced regional integration and cooperation among the BIMSTEC member states.

It highlights significant economic potential of the Bay of Bengal region and the importance of addressing global challenges such as climate change, trade barriers and geopolitical tension through collective efforts.

The declaration calls for stronger governance, transparency and civil society engagement to ensure economic and social stability.

It also emphasises the necessity of advancing transport, investment, trade, logistics, energy and digital connectivity to foster regional growth.​

Yunus may attend UNGA and Bimstec summit

Interim Government's Chief Adviser Prof Muhammad Yunus is likely to attend the Bimstec summit and the UN General Assembly, both scheduled to be held in September.

The Bimstec summit will be held in Bangkok, Thailand, from September 2 to 4.

"The chief adviser is most likely to attend the [Bimstec] summit," said a foreign ministry official yesterday.

Apart from addressing the summit, Prof Yunus will also hold bilateral meetings with the heads of the governments of some of the member countries, including Indian Prime Minister Narendra Modi, sources said.

This will be the first foreign visit for Prof Yunus as head of the interim government. He assumed this role on August 8, three days after the fall of the Awami League regime.

An official of the Chief Adviser's Office said the chief adviser is also likely to attend the UN General Assembly in New York. UNGA is scheduled to be held between on September 10 and 24.

"The date for the visit of the chief adviser to the UN General Assembly is yet to be fixed," the official told the Daily Star yesterday.

Bangladesh will be the next chair of the Bimstec -- the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation -- comprised of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.

The official and ministerial meetings of the group will take place from September 1-3 before the summit.

As the South Asian Association for Regional Cooperation (Saarc) remains largely inactive, India has put Bimstec at the centre of its neighbourhood diplomacy.

An official of Bimstec Secretariat in Dhaka said they are working to sign at least four agreements including maritime transport cooperation during the summit.

The maritime transport agreement would include every aspect of maritime connectivity among the Bimstec member countries. The details of the agreement will be shared once the member states sign the document, he said.

Bimstec adapted its charter on May 20 this year, 27 years after the founding of the regional body.​

Thailand postpones BIMSTEC summit

Thailand has postponed its hosting of next month's BIMSTEC summit of the leaders of seven mostly South Asian countries until after a new administration is formed, its foreign ministry said on Friday.

Thailand currently has a caretaker government following a court's dismissal of Srettha Thavisin as premier last week and his successor, Paetongtarn Shinawatra, has yet to name her cabinet.

The summit had been due to take place in Bangkok from September 3-4.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) includes Thailand, India, Myanmar, Bangladesh, Nepal, Sri Lanka and Bhutan and its leaders meet every two years for a summit.

Bangladesh's Interim Government Chief Adviser Professor Muhammad Yunus was scheduled to attend the BIMSTEC Summit to be held in Bangkok.​

Is BIMSTEC failing?
Mir Mostafizur Rahaman
Published :
Sep 04, 2024 21:37
Updated :
Sep 04, 2024 21:37



Is the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) destined to die before making any notable progress in meeting its avowed objectives?

The way things have been going on one has reasons to foresee such a possibility. The postponement of the forum's 6th summit, scheduled to be held in Bangkok from September 2-4, could only strengthen such a pessimistic notion. Since its inception 26 years ago, the only 5 BIMSTEC summits have been held. Some people in the region, however, tend to believe that it is not yet a lost case.

This lack of continuity and infrequent meetings undermine the momentum necessary for any sustained regional cooperation.

Established in 1997 with the goal of enhancing economic cooperation and regional integration among its seven member states-Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand-BIMSTEC represents a unique bridge between South and Southeast Asia. Despite its potential, however, the organisation has often been criticised for its sluggish progress and lack of visibility.

BIMSTEC was created with high hopes, envisioned as a platform to promote regional cooperation, peace, and prosperity in the Bay of Bengal region. The member states, which collectively account for nearly 22 per cent of the world's population, are located in one of the least integrated regions globally. The organisation aims to address this by fostering connectivity, economic collaboration, and socio-cultural ties. In theory, BIMSTEC's ambitions are commendable; in practice, however, its achievements have been very limited.

Moreover, while member states have committed to various initiatives, including a Free Trade Agreement signed in 2004, these agreements have yet to be fully implemented. The delay in executing these projects reflects a deeper issue: BIMSTEC's lack of institutional capacity and political will.

BIMSTEC has often been seen as an alternative to the South Asian Association for Regional Cooperation (SAARC), which has been largely paralysed by the long-standing rivalry between India and Pakistan. BIMSTEC was expected to fill the void. However, BIMSTEC's performance has not lived up to these expectations. Much like SAARC, BIMSTEC has struggled to maintain regular dialogue and cooperation among its members.

The reasons for this are manifold. BIMSTEC, like SAARC, operates on the principle of non-interference in bilateral disputes, which is viewed as both strength and weaknesses. While this principle prevents the organisation from being bogged down by individual-level conflicts, it also limits its ability to address critical security and political issues that affect regional stability. The organisation's slow progress in areas like public health and climate change further illustrates its operational challenges. Despite identifying these areas as priorities, BIMSTEC has yet to develop concrete mechanisms for cooperation.

Despite these challenges, some people are still pinning hopes on the BIMSTEC. Recent developments suggest a renewed commitment among member states to revitalize the organization. The frequency of meetings has increased, and the adoption of the BIMSTEC Charter in 2022, after 23 years of deliberation, marks a significant step toward institutional strengthening. This new charter, along with the Kathmandu Declaration from the 2018 summit, outlines a clearer vision for the organization's future, including reforms to enhance its effectiveness.

Furthermore, BIMSTEC has made strides in specific areas, particularly in promoting connectivity. Projects aimed at improving transportation links, such as road, rail, and port development, are underway, reflecting a growing recognition of the importance of physical connectivity for economic growth.

For BIMSTEC to succeed, however, much more needs to be done. The organisation's Secretariat, currently headed by a Secretary General with limited authority, must be empowered to play a more proactive role in coordinating and implementing regional initiatives.

Additionally, member states must develop a minimum consensus on key economic, political, and security issues. National interests should be aligned with regional priorities, and a collective commitment to overcome narrow, self-serving agendas is essential. Without such consensus, BIMSTEC risks becoming another ineffective regional organisation, unable to meet the expectations of its members or deliver tangible benefits to its people.​

Yunus-Modi meeting likely on BIMSTEC sidelines in November
FE Online Report
Published :
Oct 01, 2024 20:33
Updated :
Oct 01, 2024 20:33



A bilateral meeting between Chief Adviser Dr Muhammad Yunus and Indian Prime Minister Narendra Modi is likely to take place on the sidelines of the BIMSTEC summit, scheduled for November.

Foreign Adviser Md Touhid Hossain made the comment on Tuesday during a press conference regarding Bangladesh’s participation in the UN General Assembly and other contemporary issues.

He added that he met with India’s External Affairs Minister S Jaishankar in New York but was unable to arrange a meeting at the highest level, as Prime Minister Modi left New York the day before Dr Yunus arrived.

Modi will not attend the Commonwealth Summit scheduled for October 21-26 in Apia, Samoa, as he will be attending the BRICS summit instead, which is of greater importance to India.

Additionally, Dr Yunus will not attend the Commonwealth Summit.

Touhid Hossain indicated that a possible meeting might take place next month during the BIMSTEC summit. Although the date has not been finalised, it is expected to be in November, when bilateral meetings could occur.

He also mentioned that they will seek to address mutual concerns through various levels of communication.

The BIMSTEC summit was initially scheduled for September.

BIMSTEC, or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, includes Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand as member states.

Established on June 6, 1997, with the signing of the Bangkok Declaration, BIMSTEC is the only organisation that brings together five countries from South Asia and two from Southeast Asia. Collectively, they account for 22 per cent of the world's population, with a combined GDP of $4.5 trillion.

Following a decision at the Third BIMSTEC Summit in 2014, the BIMSTEC Secretariat was established in Dhaka, providing an institutionalised framework for deepening and enhancing cooperation.

Seven countries lead seven sectors: Bangladesh leads trade, investment, and development, including the blue economy; Bhutan leads environment and climate change, including the mountain economy; India leads security, including energy and disaster management; Myanmar leads agriculture and food security, including fisheries and livestock; Nepal leads people-to-people contact, including poverty alleviation; Sri Lanka leads science, technology, and innovation, including health and human resource development; and Thailand leads connectivity.

After the summit, Bangladesh will assume the chairmanship of BIMSTEC.

Responding to a question, the Foreign Adviser said the issue of Sheikh Hasina’s extradition was not discussed during his meeting with Indian counterpart S Jaishankar on the sidelines of the UNGA.

He also expressed optimism that the Indian visa centre would resume normal operations soon.

Responding to another question, the Foreign Adviser said that if Pakistan found the courage to apologise for its actions in Bangladesh in 1971, relations with them could be normalised.

However, he said that this issue has not been an obstacle to restoring normal bilateral ties, as evidenced by the past 52 years.

"But whenever we hold bilateral meetings, the issue of seeking an apology will be raised by Bangladesh," he added.​

BIMSTEC Energy Centre in Bengaluru to promote energy security in region
FE ONLINE DESK
Published :
Nov 10, 2024 23:35
Updated :
Nov 10, 2024 23:35



The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has said BIMSTEC Energy Centre (BEC) in Bengaluru will promote energy security through grid interconnections, renewable energy development and realization of energy efficiency.

The establishment of BIMSTEC Energy Centre (BEC) in Bengaluru has been seen as a step towards promoting regional cooperation in energy sector within BIMSTEC framework, which is led by India.

The BEC will manage a regional energy database, conduct feasibility studies for intra-BIMSTEC projects and enhance cooperation by preparing a framework for networking among national agencies of BIMSTEC member States, said the regional organisation on Sunday, reports UNB.

Moreover, the Centre will foster capacity building, cross-border investments and infrastructure development for training in energy sector.

The host country agreement between the government of India and the BIMSTEC Secretariat for establishing BIMSTEC Energy Centre (BEC) in Bengaluru was signed in New Delhi on November 8.

BIMSTEC Secretary General Indra Mani Pandey signed it on behalf of the Secretariat while Secretary (East), Ministry of External Affairs Jaideep Mazumder signed on behalf of the government of India.

India also leads the Security and Disaster Management sectors.

A Plan of Action for Energy Cooperation was adopted by the BIMSTEC Energy Ministers’ Conference in 2005.

The MoU for establishing the BIMSTEC Grid Interconnection has been force since April 2019.

The BIMSTEC policies for Transmission of Electricity and for Trade, Exchange of Electricity and Tariff Mechanism are being finalized. A BIMSTEC Grid Interconnection Master Plan is also under discussion.

BIMSTEC Energy Cooperation has focused on promoting renewable energy, improving energy efficiency, developing cross-border energy trade and undertaking grid interconnections, which aim to ensure energy security, transition to green energy and sustainable development in Bay of Bengal region.

BIMSTEC comprises seven countries of the Bay of Bengal region: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. It pursues regional cooperation in seven broad sectors: Agriculture and Food Security; Connectivity; Environment and Climate Change; People to People Contact; Science, Technology and Innovation; Security; and Trade, Investment and Development.

The cooperation also covers 8 sub-sectors: Blue Economy, Mountain Economy, Energy, Disaster Management, Fisheries and Livestock, Poverty Alleviation, Health and Human Resource Development.​