[🇧🇩] BIMSTEC for Regional Prosperity

[Saif]

BIMSTEC finalises action plan to curb illicit financial flows

BIMSTEC member states finalised an Action Plan to Prevent Illicit Financial Flows in the region, as well as a Memorandum of Understanding (MoU) on capacity building to combat money laundering and terrorist financing. At a meeting on Monday, they also agreed to develop a BIMSTEC AML/CFT Work Plan (

thefinancialexpress.com.bd

BIMSTEC finalises action plan to curb illicit financial flows

BIMSTEC member states finalised an Action Plan to Prevent Illicit Financial Flows in the region, as well as a Memorandum of Understanding (MoU) on capacity building to combat money laundering and terrorist financing.

At a meeting on Monday, they also agreed to develop a BIMSTEC AML/CFT Work Plan (2026-2028) and emphasised the operationalisation of the BIMSTEC AML/CFT Contact Point Network to deepen cooperation among Financial Intelligence Units.

The Department of Revenue under India's Ministry of Finance hosted the 14th Meeting of the BIMSTEC Sub-Group on Anti-Money Laundering and Combating the Financing of Terrorism in Shillong and discussed the issue.

The member states reaffirmed their shared commitment to strengthening regional cooperation in combating money laundering, terrorist financing, proliferation financing and other evolving forms of financial crime.

The meeting underscored the need for stronger regulatory frameworks, enhanced public-private partnerships, improved analytical capabilities, and closer regional and international cooperation to effectively address these evolving challenges.

The meeting brought together delegations from all seven member states, according to a UNB report.

The meeting reviewed progress made since the 13th Meeting of the Sub-Group and exchanged views on national AML/CFT developments, emerging risks, evolving typologies and good practices, the BIMSTEC Secretariat said on Tuesday.

Recognising the increasingly transnational and technology-driven nature of financial crime, the member states underscored the importance of strengthening regional cooperation, timely information sharing, capacity building and the effective use of technology to enhance national and regional AML/CFT frameworks.

The meeting also discussed ways to effectively leverage BIMSTEC's observer status in the Asia/Pacific Group on Money Laundering (APG) to enhance regional capacity building, facilitate knowledge sharing, and strengthen member states' preparedness for forthcoming Financial Action Task Force (FATF) mutual evaluations.

Member states also held substantive discussions on emerging risks associated with virtual assets, fintech platforms, artificial intelligence, trade-based money laundering, online fraud and other cyber-enabled financial crimes.

Delegations expressed their appreciation to the Department of Revenue under India's Ministry of Finance for the excellent arrangements and warm hospitality extended to all participants.

The meeting also conveyed its appreciation to the BIMSTEC Secretariat for its continued coordination and support.

BIMSTEC comprises seven countries in the Bay of Bengal region: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.​

 

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Rohingya crisis outside BIMSTEC’s mandate, says secretary general

Comparing BIMSTEC with SAARC is 'misleading and misplaced', Indra Mani Pandey says

www.thedailystar.net

Rohingya crisis outside BIMSTEC’s mandate, says secretary general

Comparing BIMSTEC with SAARC is 'misleading and misplaced', Indra Mani Pandey says

Star Online Report

Photo: Courtesy

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) does not deal with issues that are political in nature, its Secretary General Indra Mani Pandey said today.

Responding to a question on whether BIMSTEC could play a role in resolving the Rohingya crisis, Pandey said, "As of now, our agenda, as I explained to you, does not include issues that are political in nature. So, that's where the matter stands."

Pandey was speaking to members of the Diplomatic Correspondents Association, Bangladesh (DCAB) at the BIMSTEC headquarters in Dhaka, reports UNB.

Asked about comparisons between BIMSTEC and the South Asian Association for Regional Cooperation (SAARC), Pandey described them as "misleading and misplaced", saying they undermine BIMSTEC's interests.

"My request has always been that BIMSTEC's vision be appreciated in its own right, and it should not be seen in the context of any other organisation, which has its own history and achievements," he said.

BIMSTEC comprises seven countries in the Bay of Bengal region: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.

The grouping is often regarded as an alternative platform for regional cooperation amid the decline of SAARC, largely attributed to the India-Pakistan rivalry.

Pandey said BIMSTEC was poised to emerge as a leading regional organisation in the Indo-Pacific, noting that it has made significant institutional progress since its establishment in 1997 and has evolved into a stronger platform for cooperation between South Asia and Southeast Asia.

He said the organisation was created to bring the two regions closer through practical and tangible cooperation, particularly in technical and economic fields.

Pandey added that BIMSTEC is undergoing reforms and revitalisation to become a more efficient, effective and dynamic regional organisation.

He said the organisation has achieved notable milestones over the years, including adopting its charter, developing institutional mechanisms and formulating a long-term vision document, reflecting its growing maturity as a regional body.

On regional challenges, Pandey said Bangladesh faces security and development challenges similar to those of other BIMSTEC member states, which cannot be addressed by any country alone.

He said BIMSTEC is negotiating a BIMSTEC Motor Vehicles Agreement, while India has proposed establishing a BIMSTEC Sustainable Maritime Transport Centre.

Pandey also said BIMSTEC has decided to institutionalise meetings of home ministers to strengthen regional security cooperation. The inaugural meeting is scheduled to be hosted by India in October 2026.

He said the BIMSTEC Plan of Action on countering radicalisation and terrorism has been finalised, while an action matrix for its implementation is under consideration.

An action matrix for implementing the finalised Plan of Action to combat human trafficking has also been developed, he added.

Pandey said BIMSTEC is considering measures to facilitate travel across member states, including visa facilitation and the introduction of a BIMSTEC visa facilitation scheme.​

 

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Bloc devising new mechanisms to boost trade, investment

Regional bloc Bimstec is pursuing alternative mechanisms to boost trade and investment among its seven member-states while negotiations on a long-pending free-trade agreement (FTA) continue, says its chief executive. The forum's Secretary-General, Indra Mani Pandey, explained the trade-promotion p

thefinancialexpress.com.bd

Bimstec FTA talks underway

Bloc devising new mechanisms to boost trade, investment

Forum SG explains prog to Dhaka journalists

Regional bloc Bimstec is pursuing alternative mechanisms to boost trade and investment among its seven member-states while negotiations on a long-pending free-trade agreement (FTA) continue, says its chief executive.

The forum's Secretary-General, Indra Mani Pandey, explained the trade-promotion programme to journalists on Tuesday during an interaction with members of the Diplomatic Correspondents Association of Bangladesh (DCAB) at the headquarters of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) in Dhaka.

He said the FTA negotiations remained a complex process involving multiple countries with differing priorities, but expressed optimism that progress could be made on several constituent agreements in the coming months and years.

The Bimstec FTA framework agreement was signed in 2004. Subsequently, a Trade Negotiation Committee (TNC) was established along with six working groups to negotiate six constituent agreements covering different areas of the proposed trade pact.

"The working groups have been meeting from time to time, and in some subgroups we have made significant progress. We are quite hopeful that in the coming months and years we will see progress in the finalisation of some of the constituent agreements," Pandey said.

He noted that multilateral trade negotiations naturally take longer than bilateral FTAs because member-countries seek to balance regional trade liberalisation with their respective national priorities and concerns.

"FTA is one mechanism for enhancing trade, but it is not the only mechanism."

To strengthen economic cooperation while the negotiations continue, Bimstec is promoting several complementary initiatives aimed at facilitating business and investment across the region.

Among the proposals are establishing a Bimstec Chamber of Commerce and Industry to strengthen business-to-business links, creating a platform for investment-promotion authorities to encourage cross-border investment, and exploring cooperation on common standards to reduce non-tariff barriers to trade.

Pandey said differences in standards remain a significant obstacle to expanding intra-regional trade, and member-states are examining whether greater harmonisation could help facilitate commerce.

"The goal is very clear. We need to have more trade and investment in our region. There are many opportunities to pursue, and that's where Bimstec is fully focused."

Bangladesh, which recently assumed the Bimstec chairmanship, intends to accelerate the negotiation process by convening meetings of the Trade Negotiation Committee and its working groups more frequently to provide "the much-needed push" towards concluding the pending agreements, he told the reporters.

On regional connectivity, Pandey said member-states are also working on a visa-facilitation scheme to promote business travel, tourism and people-to-people exchanges.

An expert group on visa measures agreed last year to work towards such a framework. However, discussions are continuing as the members have yet to reach a consensus on the specific provisions of the proposed scheme.

"All member-states fully understand that if we need to have more trade, more travel, more tourism and more exchanges among our member-states, ease of travel through visa facilitation is very important," he observed.

Looking ahead, Pandey has noted that Bangladesh's second year as Bimstec chair in 2027 will coincide with the organisation's 30th anniversary, raising the possibility that the next Bimstec Summit could also serve as a platform to commemorate the milestone.

He notes that Bimstec continuously reviews the implementation of its programmes through regular meetings of experts, senior officials and ministers.

Action plans are updated periodically to incorporate new areas of cooperation, with all initiatives undertaken on the basis of consensus among the seven member-states.​