The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Agreement on Maritime Transport Cooperation (AMTC) will enhance port efficiency, harmonize maritime policies, and streamline customs procedures, ensuring smoother movement of goods and services in the region.
“With AMTC in place, BIMSTEC now has a comprehensive framework for seamless
maritime transport, aimed at reducing logistical bottlenecks and deepening economic integration,” said a press release issued by the BIMSTEC secretariat in Dhaka today.
The Foreign Ministers of BIMSTEC member States signed the Agreement a day before the Sixth BIMSTEC Summit held on April 4 in Bangkok, marking a transformative step towards enhancing maritime partnerships in the region.
Beyond trade facilitation, AMTC seeks to boost investment in key maritime infrastructure, including ports, shipping lanes, and coastal logistics hubs, fostering regional economic growth and stability, said the BIMSTEC Secretariat here.
The agreement will also promote cooperation in maritime safety, environmental sustainability, digitalization of shipping processes, and capacity-building.
BIMSTEC leaders including Chief Adviser Professor Dr Muhammad Yunus welcomed the signing of the AMTC, recognizing its potential to enhance regional maritime connectivity, facilitate cross-border trade, and spur investment in port infrastructure, logistics, and related sectors, said the press release.
The leaders also directed relevant authorities to expedite its implementation, it added.
BIMSTEC comprises seven countries– Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand– of the Bay of Bengal region.
It pursues regional cooperation in seven broad sectors– agriculture and food security, connectivity, environment and climate change, people-to-people contact, science, technology and innovation, security and trade and investment and development.
The cooperation also covers eight sub-sectors– blue economy, mountain economy, energy, disaster management, fisheries and livestock, poverty alleviation, health and human resource development.