Enhancing Cooperation: BIMSTEC Business Summit Recommends Broader Collaboration Amid Political Unrest

The two-day BIMSTEC Business Summit in New Delhi stressed expanding cooperation areas among member countries to boost economic and technical ties, despite political unrest in Bangladesh. Recommendations include skill development, digital infrastructure, and finalizing an FTA to enhance regional cooperation.

Amid political unrest in Bangladesh, the BIMSTEC Business Summit in New Delhi highlighted the need for expanded cooperation among its member states. The two-day event emphasized that the Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation (BIMSTEC) must explore new areas of collaboration.

Originally established in 1997 with Bangladesh, India, Sri Lanka, and Thailand, the group expanded to include Bhutan, Myanmar, and Nepal by 2004. The Confederation of Indian Industries (CII) recently released a study proposing several recommendations to enhance economic cooperation in the region. These suggestions included strengthening skill development programs, advancing digital public infrastructure, and promoting women-led development across member states.

The BIMSTEC countries, with a combined GDP of $4.5 trillion and comprising 22% of the global population, have substantial potential for mutual and global economic contributions. However, intra-regional trade remains low. The CII study also advocated for concluding a Free Trade Agreement (FTA) in phases, boosting energy collaboration, easing FDI restrictions, and improving transport connectivity. The upcoming sixth Summit in Thailand presents a vital opportunity to deepen business engagement and streamline economic linkages.

(With inputs from agencies.)