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BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) nations must accelerate efforts to boost intra-BIMSTEC trade and economic ties and work on a more ambitious trade facilitation agenda, External Affairs Minister S Jaishankar has said.
“The development of a network of regional supply and value chains will reduce our vulnerability to external shocks and give our economies greater resilience and transparency. This requires us to accelerate cooperation that has been under discussion for long. Simultaneously, we must also work on a more ambitious Trade Facilitation agenda,” Jaishankar said at the BIMSTEC Ministerial meeting in Colombo on Tuesday.
Ukraine developments
Talking about the developments in Ukraine, Jaishankar said that it had added to international disquiet. “We have all underscored that the maintenance of international peace and security, and even stability can no longer be taken for granted. We must recognise that we face headwinds — both from the global economy and in some cases from within our own domestic economies,” he said.
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Will the upcoming BIMSTEC summit be a game-changer?
The region has been facing challenges in terms of rise in poverty and inequality, and more importantly, a regional integration dilemmaThe BIMSTEC grouping, which includes Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand, is significant as it brings together 1.5 billion people comprising 21 per cent of the world population, and a combined GDP of over $2.5 trillion.
Jaishankar pointed out that the BIMSTEC Charter, to be signed at the Leaders Summit on Wednesday, is a land mark achievement in the efforts to develop the institutional architecture for the group. But we must not rest on this achievement and instead move on to ‘next steps’ that can be taken to further strengthen BIMSTEC. I am confident that we will identify priority institution building tasks and areas of cooperation, and task our senior officials to work with the Secretary General for their realisation,” he said.
BIMSTEC leaders will also Tadopt a BIMSTEC Master Plan for Transport Connectivity for better alignment of member countries’ national transportation and connectivity networks. “It must be fully backed by energetic business collaboration. We must also accelerate efforts on ongoing initiatives such as the establishment of a coastal shipping ecosystem, of port facilities, of ferry services in the Bay of Bengal, as also power grid inter-connectivity and a regional motor vehicles agreement,” Jaishankar said.
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