IMPORTANCE OF BIMSTEC FOR SRI LANKA IN THE ERA OF TRUMP'S TARIFFS

NEW WAYS TO GET OUT OF THE JAM

- By P.K.Balachandran

In the emerging era marked by Trump's tariffs and politically motivated sanctions, the Global South, which has been struggling to come out of isolation and poverty, has no option but to reduce its dependence on the Global North.

It has to seek ways of banding together and helping each other grow. For this, they have to suspend mutual animosities, rivalries and reservations.

Existing organisations like ASEAN, SAARC, RECP and BIMSTEC should be used to the maximum. The guiding principle should be "United We Stand, Divided We Fall".

It is in this context that one should view the recently concluded sixth summit of BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) in Bangkok. The Bangkok Vision 2030 provides a comprehensive and practical roadmap for future cooperation amongst the member States -- Sri Lanka, India, Bangladesh, Nepal, Bhutan, Myanmar and Thailand.

A highlight of the summit was the signing of the "Agreement on Maritime Transport Cooperation." It's a significant step towards enhancement of maritime connectivity, increasing trade and travel amongst member States. It goes without saying that as an island state, Sri Lanka's future is tied up with maritime connectivity.

The summit also saw the signing of an MoU between BIMSTEC and Indian Ocean Rim Association (IORA), to institutionalise future partnership in key areas of shared interest. To streamline procedures for cooperation, the summit adopted Rules of Procedure for BIMSTEC Mechanisms.

In their statements at the Summit, the BIMSTEC heads of government presented specific proposals and initiatives for enhancing intra-regional trade and investment, connectivity, tourism, culture exchanges, climate action, green and renewable energy, sustainable agriculture, food security, disaster management and security.