Realizing the potential of BIMSTEC: DH

Essence: The article speaks about the opportunities and challenges offered by BIMSTEC, whose 5^th edition of summit level talks are being held in Sri Lanka. There are seven sectors of cooperation through this platform for south and south-east Asian economies (Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar and Thailand)- science, technology and innovation; trade and investment; environment and climate change; agriculture and food security; security; people to people contacts and connectivity.

Currently, the intra-regional trade amongst BIMSTEC members in 7% of all the global trade carried out by its members. This is in contrast to ASEAN’s 23% inter-member trade out of total trade. The member countries in BIMSTEC have trade pacts with other neighbors but not amongst themselves.

Security cooperation between the members has been pledged under Counterterrorism and Transnational Crime (CTTC) against terrorism, organized crime, drug trafficking human trafficking, illegal migration and radicalization. A legal ratification by members is due.

Many of the member nations have complementary economies, untapped human and natural resources, and huge potential. It is time to increase the partnership from bureaucratic levels to business/people to people ties and increase trade and business.

Why should you read this article?

• To understand the multisectoral levels of participation between the member countries of BIMSTEC.
• To know the areas of importance and laggards in the partnership.

Source:

• Realizing the potential of BIMSTEC