BIMSTEC TO ADOPT BANGKOK VISION 2030

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Context

• A statement by Saurabh Kumar, Secretary (East) in the Ministry of External Affairs, regarding the upcoming Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit

Details

• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit, scheduled for the end of this year, will adopt the Bangkok Vision 2030.
• The vision aims to propel BIMSTEC towards a prosperous, resilient, and open region, fostering sustainable and balanced growth.
• A marine transport cooperation agreement is expected to be concluded at the summit.

Bangkok Vision 2030:

• The Bangkok Vision 2030 will serve as an overarching document providing direction to the organization.
• It seeks to strengthen regional cooperation and connectivity within BIMSTEC.
• The vision will be instrumental in promoting sustainable and balanced growth among member countries.

Monitoring Progress:

• An eminent group of persons has been established to monitor progress in all seven sectors of BIMSTEC.
• The group will assess the implementation and achievements of the Bangkok Vision 2030.
• Monitoring progress will ensure effective and timely actions towards the vision's goals.

Enhancing Regional Inter-connectedness:

• The current chair, Thailand, has focused on enhancing regional inter-connectedness within BIMSTEC.
• This involves improving connectivity and cooperation among member states.
• Efforts are being made to facilitate trade, transport, and communication links to enhance regional integration.

Involvement of All Stakeholders:

• Thailand has emphasized the importance of involving all stakeholders in BIMSTEC's initiatives.
• Engaging governments, businesses, civil society, and other relevant actors will contribute to the success of regional cooperation.
• Inclusive participation will ensure diverse perspectives and a comprehensive approach to addressing challenges.

Promoting BIMSTEC's Internal Strength:

• Thailand's chairmanship has prioritized strengthening BIMSTEC's internal strength.
• This involves enhancing the organization's capacity, effectiveness, and institutional mechanisms
• By reinforcing internal structures, BIMSTEC can better address regional issues and promote collective action.

About BIMSTEC

• BIMSTEC is a regional organization consisting of seven member states surrounding the Bay of Bengal.
• It aims to promote technical and economic cooperation among its member countries.

Member States:

• BIMSTEC comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
• The member states are strategically located in the Bay of Bengal region.

Objectives:

• Foster economic cooperation: BIMSTEC aims to enhance trade, investment, and economic integration among member countries.
• Strengthen connectivity: The organization seeks to improve physical, economic, and digital connectivity within the region.
• Promote people-to-people contact: BIMSTEC aims to facilitate cultural and educational exchanges, tourism, and cooperation in various sectors.
• Address common challenges: It seeks to address common challenges such as poverty, climate change, natural disasters, and terrorism.

Areas of Cooperation:

1.Trade and Investment:

• Enhancing trade facilitation, reducing barriers, and promoting intra-regional trade.
• Encouraging investment and creating a conducive business environment.

2.Transport and Connectivity:

• Improving physical connectivity through the development of transport infrastructure and networks.
• Enhancing maritime connectivity, air links, and multimodal transport within the region.

3.Energy:

• Promoting cooperation in the field of energy, including renewable energy sources and efficient energy use.
• Facilitating energy trade and collaboration on energy security.

4.Tourism and Culture:

• Encouraging collaboration in tourism promotion, cultural exchanges, and preservation of heritage sites.
• Facilitating tourism flows and creating a favorable environment for the tourism industry.

5.Agriculture and Food Security:

• Promoting cooperation in agriculture, fisheries, and food security.
• Sharing best practices, technology, and knowledge for sustainable agricultural development.

6.Environment and Climate Change:

• Addressing environmental challenges and promoting sustainable development practices.
• Collaborating on climate change mitigation and adaptation measures.

PRACTICE QUESTION Q)Analyze the key areas of cooperation within BIMSTEC and assess the challenges and opportunities for member countries in achieving their shared goals.(150 words)

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