BIMSTEC and Its Challenges:

Reflections on the Recently Concluded Bangkok Summit

- 

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) concluded its 5th summit on April 3, 2023, in Bangkok, Thailand marking a significant moment for the regional organization that bridges South and Southeast Asia.

Established in 1997 through the Bangkok Declaration, BIMSTEC comprises seven member states-Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand-representing over 1.7 billion people and a combined GDP of approximately $4.7 trillion. The summit, hosted under Thailand's chairmanship (2022-2023), aimed to advance the group's vision of a "Prosperous, Resilient, and Open" (PRO) BIMSTEC by 2030. Key outcomes included the adoption of the Bangkok Vision 2030, the signing of the Agreement on Maritime Transport Cooperation, and a joint statement addressing the recent devastating earth-quakes in Myanmar and Thailand. However, despite these achievements, the summit underscored persistent challenges that continue to hinder BIMSTEC's potential as a dynamic regional bloc.

The Bangkok Summit: Achievements in Focus

The sixth BIMSTEC Summit, preceded by the 25th Senior Officials' Meeting (SOM) on April 2 and the 20th Ministerial Meeting on April 3, sought to strengthen collaboration among member states amid a rapidly evolving global landscape. The Bangkok Vision 2030 emerged as the flagship document, offering a strategic roadmap to enhance economic integration, connectivity, and human security by 2030. It aligns with broader goals, such as the UN Sustainable Development Goals, and reflects Thailand's emphasis on a Bio-Circular-Green economic model.

A notable achievement was the signing of the Agreement on Maritime Transport Cooperation, aimed at boosting maritime connectivity between South and Southeast Asia. This agreement promises to improve logistical efficiency, reduce trade costs, and facilitate the movement of goods and people.