Expediting the long-pending BIMSTEC Free-Trade Area (FTA) agreement is deemed essential to unlock the region's untapped trade potential, strengthen connectivity and transform the Bay of Bengal into a dynamic hub of economic growth.
Speakers said at a seminar organised by Bangladesh Institute of International and Strategic Studies (BIISS) Monday stressed such urgency of carving out regional economic bloc under the dormant broad-based forum of cooperation.
They observed that despite representing nearly 1.8 billion people and possessing enormous economic potential, intra-regional trade among BIMSTEC member-states remained far below its capacity due to regulatory fragmentation, incomplete trade agreements and inadequate connectivity.
A suggestion was made that Bangladesh, as the current chair of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), has a unique opportunity to inject fresh momentum into the regional grouping.
The seminar brought together policymakers, diplomats, researchers and security analysts, including State Minister for Foreign Affairs Shama Obaed Islam, BIMSTEC Secretary-General Indra Mani Pandey, BIISS President Major-General (Retd.) A.N.M. Muniruzzaman and Bangladesh Trade and Tariff Commission Member Dr Mahfuz Kabir.
Addressing the seminar as the chief guest, State Minister Shama Obaed said Bangladesh assumed the BIMSTEC chairmanship at a time of profound global uncertainty marked by geopolitical tensions, supply-chain disruptions, economic fragmentation, climate change, food and energy insecurity and evolving transnational threats.
"No country can overcome these challenges alone. Effective regional cooperation is therefore not merely desirable; it is indispensable," she said.
She mentions that the adoption of the Bangkok Vision 2030 and the BIMSTEC Charter provided the organisation with a stronger institutional foundation, but the priority now should be translating commitments into implementation.
"Our chairmanship will be guided by three principles - implementation, inclusivity over exclusivity, and delivery over declaration," she said.
Bangladesh's foreign-policy vision 'Bangladesh First' seeks to advance national interests through stronger regional cooperation rather than isolation.
As the lead country for trade, investment and development, including the blue economy, Bangladesh would work closely with member-states to build consensus on the BIMSTEC FTA, the minister said, noting that more than two decades after the framework agreement was signed, its constituent agreements remain unfinished.
Highlighting the economic potential of the Bay of Bengal, she elucidated government stand that fisheries, shipping, renewable energy and marine resources should be developed sustainably through scientific cooperation and capacity building.
Also identified are transport, energy and digital connectivity as priorities.
The state minister urged member-states to accelerate implementation of the BIMSTEC Master Plan for Transport Connectivity and the proposed coastal shipping agreement.
She further called for stronger regional support to resolve the Rohingya refugee crisis through the creation of sustained international pressure for safe, voluntary and dignified repatriation of the displaced people to Myanmar.
Warning that regional prosperity cannot be sustained without peace and security, she advocated for deeper cooperation in maritime security, counterterrorism, law enforcement, disaster management, cybersecurity, and climate resilience.
The BIMSTEC Secretary-General said the current global environment of geopolitical uncertainty and weakening multilateral institutions made regional cooperation more relevant than ever.
"Regional multilateralism provides the way forward," he told the meet, arguing that smaller regional groupings are often better positioned to develop practical solutions to shared challenges.
Pandey acknowledges that BIMSTEC could have achieved more over the past three decades but maintains that the organisation has made significant institutional progress.
He highlighted ongoing initiatives across agriculture, transport connectivity, disaster management, health, science and technology, culture, tourism, maritime cooperation and security.
According to him, around 60 per cent of the projects under the BIMSTEC Master Plan for Transport Connectivity are already under implementation by member-states.
He also pointed to progress in negotiations on the six constituent agreements required to operationalise the BIMSTEC Free-Trade Area covering trade in goods, services, investment, customs cooperation, trade facilitation and dispute settlement.
Pandey said Bangladesh is leading efforts to establish a BIMSTEC Chamber of Commerce and Industry, while proposals are also under consideration to create a platform linking investment=promotion agencies and strengthening fiscal-and monetary-policy coordination.
On security cooperation, he noted that BIMSTEC members had already operationalised a convention on counterterrorism, transnational crime and drug trafficking, while another convention on mutual legal assistance in criminal matters is awaiting ratification by one remaining member-state.
The seminar concluded with participants expressing optimism that Bangladesh's chairmanship could help shift BIMSTEC from a forum focused on declarations to one delivering concrete outcomes in trade, connectivity, blue economy, climate resilience and regional security, thereby strengthening the organisation's relevance in an increasingly uncertain global order.
BIISS President general Muniruzzaman noted that BIMSTEC has evolved into one of the most promising regional platforms connecting South and Southeast Asia and offered Bangladesh a strategic opportunity to become a regional hub for trade, energy and maritime cooperation.
Projects such as deep-sea ports, regional highways, cross-border electricity trade and digital connectivity could transform Bangladesh into a gateway linking the two regions, creating jobs, attracting investment and enhancing resilience against future global shocks, he observed.
Referring to the South Asian Association for Regional Cooperation (SAARC), he said BIMSTEC should not be viewed as a replacement rather as a complementary platform.
He noted that South Asia continues to suffer from one of the world's lowest levels of intra-regional trade despite geographical proximity, arguing that improved customs procedures, transport corridors, digital commerce and cross-border infrastructure could unlock enormous economic opportunities.
Dr Mahfuz Kabir said the BIMSTEC FTA negotiations had remained stalled primarily because no concrete timeline had been set for concluding the agreement.
"The positive aspect is that member-states now share a positive mindset," he said about latest situation.
However, he has identified regulatory fragmentation, uneven market access and differing national regulations governing goods and services as major obstacles to regional integration.
Describing BIMSTEC as a strategic bridge connecting South Asia, Southeast Asia, the Bay of Bengal and the Andaman Sea, he said the grouping occupies one of the world's most important east-west shipping corridors and offers significant opportunities through integrated ports, logistics, production networks and regional value chains.
mirmostafiz@yahoo.com
