BIMSTEC TO ADOPT BANGKOK VISION 2030

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Context

• A statement by Saurabh Kumar, Secretary (East) in the Ministry of External Affairs, regarding the upcoming Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit

Details

• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit, scheduled for the end of this year, will adopt the Bangkok Vision 2030.
• The vision aims to propel BIMSTEC towards a prosperous, resilient, and open region, fostering sustainable and balanced growth.
• A marine transport cooperation agreement is expected to be concluded at the summit.

Bangkok Vision 2030:

• The Bangkok Vision 2030 will serve as an overarching document providing direction to the organization.
• It seeks to strengthen regional cooperation and connectivity within BIMSTEC.
• The vision will be instrumental in promoting sustainable and balanced growth among member countries.

Monitoring Progress:

• An eminent group of persons has been established to monitor progress in all seven sectors of BIMSTEC.
• The group will assess the implementation and achievements of the Bangkok Vision 2030.
• Monitoring progress will ensure effective and timely actions towards the vision's goals.

Enhancing Regional Inter-connectedness:

• The current chair, Thailand, has focused on enhancing regional inter-connectedness within BIMSTEC.
• This involves improving connectivity and cooperation among member states.
• Efforts are being made to facilitate trade, transport, and communication links to enhance regional integration.

Involvement of All Stakeholders:

• Thailand has emphasized the importance of involving all stakeholders in BIMSTEC's initiatives.
• Engaging governments, businesses, civil society, and other relevant actors will contribute to the success of regional cooperation.
• Inclusive participation will ensure diverse perspectives and a comprehensive approach to addressing challenges.

Promoting BIMSTEC's Internal Strength:

• Thailand's chairmanship has prioritized strengthening BIMSTEC's internal strength.
• This involves enhancing the organization's capacity, effectiveness, and institutional mechanisms
• By reinforcing internal structures, BIMSTEC can better address regional issues and promote collective action.

About BIMSTEC

• BIMSTEC is a regional organization consisting of seven member states surrounding the Bay of Bengal.
• It aims to promote technical and economic cooperation among its member countries.

Member States:

• BIMSTEC comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
• The member states are strategically located in the Bay of Bengal region.

Objectives:

• Foster economic cooperation: BIMSTEC aims to enhance trade, investment, and economic integration among member countries.
• Strengthen connectivity: The organization seeks to improve physical, economic, and digital connectivity within the region.
• Promote people-to-people contact: BIMSTEC aims to facilitate cultural and educational exchanges, tourism, and cooperation in various sectors.
• Address common challenges: It seeks to address common challenges such as poverty, climate change, natural disasters, and terrorism.

Areas of Cooperation:

1.Trade and Investment:

• Enhancing trade facilitation, reducing barriers, and promoting intra-regional trade.
• Encouraging investment and creating a conducive business environment.

2.Transport and Connectivity:

• Improving physical connectivity through the development of transport infrastructure and networks.
• Enhancing maritime connectivity, air links, and multimodal transport within the region.

3.Energy:

• Promoting cooperation in the field of energy, including renewable energy sources and efficient energy use.
• Facilitating energy trade and collaboration on energy security.

4.Tourism and Culture:

• Encouraging collaboration in tourism promotion, cultural exchanges, and preservation of heritage sites.
• Facilitating tourism flows and creating a favorable environment for the tourism industry.

5.Agriculture and Food Security:

• Promoting cooperation in agriculture, fisheries, and food security.
• Sharing best practices, technology, and knowledge for sustainable agricultural development.

6.Environment and Climate Change:

• Addressing environmental challenges and promoting sustainable development practices.
• Collaborating on climate change mitigation and adaptation measures.

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