The April 2-4 summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) in Bangkok will aim to put in place a maritime transport agreement to increase and smoothen trade between Indian ports and the ports of Myanmar-Thailand, strengthening connectivity links between south Asia and southeast Asia through the Bay of Bengal.
The agreement is expected to benefit member states, including through the strengthening and development of relations in merchant shipping and maritime transport, contributing to the growth of regional economic and commercial relations, an official pointed out.
Prime Minister Narendra Modi will lead India at the summit on his second visit to Thailand since 2019. Under Thailand’s chairmanship, Bimstec aims to achieve a “Prosperous, Resilient, and Open” region, known as ‘PRO Bimstec”, by 2030.
India has given salience to Bimstec at a time when Saarc has reached a dead end and has been a platform for a secure Bay of Bengal. There is no certainty yet of a formal meeting between Modi and the interim Bangladesh government’s chief adviser Md Yunus.
Bimstec summit will also try to finalise the free trade agreement, which is expected to significantly enhance intra-regional trade, it has been learned. The grouping has been negotiating FTA since 2004 but the Bangkok summit could lead to the adoption of FTA.
Bimstec members should re-examine the priorities of member nations with regard to trade negotiations so that the delayed FTA can be finalised, Minister of Commerce and Industry Piyush Goyal stated last year while delivering his speech at the inaugural edition of the BIMSTEC Business Summit organised by the Confederation of Indian Industry in partnership with the Ministry of External Affairs.