The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) completed its 4th summit in Nepal’s capital, Kathmandu, on August 30-31. The main focus of the year’s conference was to enhance regional trade and connectivity. The members unanimously adopted the Kathmandu Declaration, presenting a vision for a Peaceful, Prosperous, and Sustainable Bay of Bengal region.
Memorandum of Understanding on Grid Interconnection
The summit aimed to foster energy cooperation amongst member states by removing barriers to grid interconnections. This will lay a broad framework for the parties involved to cooperate towards implementing grid interconnection for electricity trade, promoting optimal and rational power transmission in the BIMSTEC region.
Enhancing Connectivity: Transportation and Communications
A significant issue amongst regional countries is enhancing connectivity. BIMSTEC members agreed to expedite efforts to conclude the BIMSTEC Coastal Shipping Agreement and the BIMSTEC Motor Vehicle Agreement as early as possible.
Trade and Investment: BIMSTEC Free Trade Agreement
Although the BIMSTEC Free Trade Agreement was negotiated in 2004, discussions on it are yet to conclude. Members reached consensus for an early conclusion of this agreement at the recent summit.
Counter-terrorism and Transnational Crime
With the BIMSTEC region under threat from radical terrorist groups, member nations acknowledged the necessity of identifying and holding accountable states and non-state entities encouraging, supporting, and financing terrorism.
Environment and Disaster Management
The BIMSTEC members, which comprise nations prone to natural disasters like cyclones, earthquakes, and tsunamis, have agreed to develop an action plan for better preparedness and coordination in responding to such disasters in the Bay of Bengal Region.
Sustainable Development: Poverty Alleviation and Climate Change
The members also resolved to eradicate poverty in the Bay of Bengal region by 2030, aligning with the United Nation’s 2030 Agenda for Sustainable Development. They stressed the necessity to protect and preserve the environment and address the impact of climate change on regional populations’ livelihoods.
Public Health Measures
BIMSTEC members pledged cooperation on addressing non-communicable diseases as well as others such as HIV and AIDS, malaria, dengue, tuberculosis, and various viral influenzas, along with other emerging public health threats.
Cultural Cooperation and the Blue Economy
Members agreed to enhance cultural exchanges, with Buddhism acting as a connecting thread in the region, and to establish a Buddhist Circuit. They also proposed concrete steps to promote Tourism, People-to-People contacts, Mountain Economy, and Blue Economy.
About BIMSTEC
BIMSTEC is a regional grouping comprising India, Bangladesh, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal. Initially formed as BIST-EC in 1997, it became BIMSTEC in 2004 with the inclusion of Nepal and Bhutan. Its founding objectives are to create an enabling environment for rapid economic development of the sub-region, promote active collaboration and mutual assistance in areas of common interests. With 22% of the world’s population living in these seven countries, their combined GDP is close to $2.7 trillion.
Importance of BIMSTEC for India
BIMSTEC serves as a bridge between South Asia and Southeast Asia. For India, it functions as a natural platform to fulfill key foreign policy priorities. It provides an opportunity to counter Chinese investments in the region and assertively showcase the Bay of Bengal as open and peaceful.
BIMSTEC’s Significance for Other Member Countries
BIMSTEC is equally beneficial for other member states. For instance, Bangladesh views it as a platform to position itself beyond the Bay of Bengal region, and Sri Lanka sees it as an opportunity to connect with Southeast Asia. Nepal, Bhutan, Myanmar, and Thailand also find unique benefits in BIMSTEC.
Challenges Encountered by BIMSTEC
Despite its significance, BIMSTEC faces several challenges including inconsistency in meetings, neglect by member states, too broad focus areas, unresolved bilateral issues between member nations, and lack of a finalized Free Trade Agreement.
Way Forward for BIMSTEC
For BIMSTEC to become a successful regional grouping, it is imperative that members conclude talks on the Free Trade Agreement swiftly, narrow down their focus areas, and resolve internal issues fairly. With the right direction of cooperation among members, it could serve as a viable alternative to SAARC.
