In recent news, the inaugural BIMSTEC Conclave of Ports has been scheduled to take place in Visakhapatnam, Andhra Pradesh on the 7th and 8th of November 2019.
Purpose of the Conclave
The prime objective of this conclave is to create an interactive platform that facilitates connectivity through port-led initiatives, strengthens maritime interaction and relationships between the countries. The attendees will also discuss various possibilities to increase economic cooperation by promoting EXIM trade and coastal shipping. Another key point for discussion is the investment opportunities available and the best practices implemented to enhance productivity and safety at ports.
Key Memorandums of Understanding
During this conclave, three significant Memorandums of Understanding (MoUs) were signed between the Ranong Port (Port Authority of Thailand) and the Port Trusts of Chennai, Vishakhapatnam, and Kolkata. These agreements form a critical aspect of India’s Act East Policy and aim to augment economic collaboration by reducing the sea travel duration between India and Thailand from 10 – 15 days to just seven days.
Bay of Bengal Initiatives for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)
Initiated through the Bangkok Declaration in 1997, BIMSTEC is a sub-regional organization composed of seven members. It connects five South Asian countries – Bangladesh, India, Sri Lanka, Bhutan, and Nepal with two South East Asian countries – Myanmar and Thailand. India accords significant importance to BIMSTEC.
| Country | Year of BIMSTEC Summit |
|---|---|
| Nepal | 2018 |
| Myanmar | 2014 |
| India | 2008 |
| Thailand | 2004 |
BIMSTEC’s Significance to India
Demonstrating the importance of BIMSTEC to India, the Prime Minister of India invited its members to his second swearing-in ceremony held on 30th May 2019. So far, four BIMSTEC summits have been organized in Nepal (2018), Myanmar(2014), India (2008), and Thailand (2004).
