 October 2019The BIMSTEC Permanent Working Committee (BPWC) discussed rationalizing the organization’s areas of cooperation and the draft memorandum of understanding to be signed with the Asian Development Bank at the BPWC meeting in Colombo. Mr. Ravinatha Aryasinha, Foreign Secretary of the Government of Sri Lanka, emphasized that for Sri Lanka, early finalization of the BIMSTEC Charter and rationalization of the sectors are crucial to re-energize the organization. Read More Tags: BIMSTEC, ADB, Sri Lanka, ASEAN, Regional Cooperation, Trade  August 2019Thailand and India have signed a memorandum of understanding that will promote a new maritime route between Thailand’s Ranong Port and India’s Krishnapatnam Port. The deal is part of Thailand’s policy to strengthen trade with Bangladesh, India, and Sri Lanka under the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) framework. Read More Tags: BIMSTEC, Bangladesh, India, Sri Lanka, Thailand, Trade  August 2018The Government of Nepal hosted the Fourth BIMSTEC Summit on 30-31 August 2018 in Kathmandu, Nepal, with participation of all BIMSTEC member countries. The Summit, in its Declaration, committed to deliver results in various sectors of cooperation, including poverty alleviation, connectivity, trade and investment, people-to-people contact, and tourism. Read More Tags: BIMSTEC, Regional Cooperation, Connectivity, Trade  August 2018Bangladesh Prime Minister Sheikh Hasina and Nepal Prime Minister KP Sharma Oli agreed to take Bangladesh-Nepal cooperation in the energy sector to the next level. Mr. Ihsanul Karim, Bangladesh Press Secretary, reported that the two Prime Ministers discussed enhancing cooperation in the power sector, and agreed on the need to sign a memorandum of understanding to enable power trade. Read More Tags: Bangladesh, Nepal, BIMSTEC, Energy  August 2018Foreign Ministers of BIMSTEC member countries approved in principle around
167 projects to improve connectivity in the region. The projects, detailed
in a study by the Asian Development Bank, are worth an estimated $50
billion. It includes transportation and cross-border facilitation,
multimodal transport and logistics, infrastructure development, aviation,
maritime transport, human resources development, communication linkages, and
networking in the region. Read More Tags: Connectivity, Transport, BIMSTEC, Aviation, Logistics  August 2018A preparation meeting for the fourth BIMSTEC summit discussed how BIMSTEC can catalyze regional economic development in the next twenty years. BIMSTEC heads of missions emphasized the need to conclude negotiations for the BIMSTEC Free Trade Agreement, and finalize trade facilitation measures in the BIMSTEC region. Read More Tags: BIMSTEC, Free Trade Agreement, Trade Facilitation  May 2018The BIMSTEC Working Group on Customs Cooperation held its first meeting on 10-11 May 2018 in New Dehi, India. The Meeting discussed progress in customs cooperation among BIMSTEC countries, and finalized the draft text of the 'Agreement on Cooperation and Mutual Assistance in Customs Matters' for the BIMSTEC Free Trade Area. Read More Tags: BIMSTEC, Customs, Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand, Trade  March 2018The BIMSTEC conference, "BIMSTEC at its 20: Towards a Bay of Bengal Community" convened scholars, think-tanks, government officials, diplomats, business leaders, and other stakeholders from BIMSTEC member countries—Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand—to take stock of the inter-regional organization's achievements and milestones, and aimed to chart a new direction for the future. It examined the potential and challenges of the BIMSTEC region. Read More Tags: BIMSTEC, Trade  January 2018Rapid economic growth and increasing populations pose challenges to the South Asian region’s energy security. Increasing energy cooperation among South Asian countries will help ensure access to affordable, reliable, and sustainable energy for the entire region. Read More Tags: Bangladesh, Bhutan, India, BBIN, BIMSTEC, Energy, Regional Cooperation, Hydropower, SAARC  December 2017In her keynote address at the dialogue on BiMSTEC at 20—Priorities for the Future, Ms. Grace Asirwatham, State Secretary, Ministry of Foreign Affairs, Sri Lanka, reflects on the prospects for connectivity and prosperity among BIMSTEC member countries and explores the organization's priorities, including trade, transport, energy, and climate change. Read More Tags: BIMSTEC, Sri Lanka, Trade, Transport, Energy  November 2017The Second Meeting of the BIMSTEC Transport Connectivity Working Group discussed the BIMSTEC Master Plan on Transport Connectivity. The Master Plan is envisaged to provide an overarching framework for BIMSTEC in enhancing transport connectivity among its member countries. Read More Tags: BIMSTEC, Transport, Connectivity  November 2017Nepal has decided to join the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) grid interconnection, a move meant to help facilitate trade in electricity and take full advantage of available energy sources. Nepal is expected to sign an MOU to join the grid interconnection at the Third BIMSTEC Energy Ministers' Meeting. Read More Tags: Bangladesh, Bhutan, BIMSTEC, Energy, India, Nepal, Sri Lanka, Trade Facilitation  September 2017Mr. Prashant Agrawal, Indian Ministry of External Affairs' Joint Secretary, BIMSTEC and SAARC, said BIMSTEC countries are likely to finalize motor vehicle and coastal shipping agreements in the next few months. BIMSTEC member countries are negotiating framework agreements in regional cooperation in 14 areas, including trade, transport, energy, climate change, and poverty alleviation. Read More Tags: BIMSTEC  September 2017A roundtable discussion held in Myanmar noted the need to substantially increase connectivity, trade and diplomatic relations between Myanmar and India. Officials from the two countries participated in the India-Myanmar Dialogue: Act East Policy and India-Myanmar Relations, held on 2 September 2017 in Yangon, Myanmar. The forum was organized by Parami Roundtable and Mizzima Media Group. Read More Tags: ASEAN, BIMSTEC, Connectivity, India, Myanmar, Trade  August 2017The 18th session of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Senior Officials' Meeting and the 15th BIMSTEC Ministerial Meeting stressed the importance of cooperation in energy, technology, trade, and transport, through a revitalized, more integrated, and stronger BIMSTEC process. The Joint Statement underscored the need to finalize the BIMSTEC Free Trade Area Agreement. Read More Tags: BIMSTEC, Nepal, Bangladesh, Regional Cooperation, Energy, Technology, Trade, Transport, Free Trade Agreement  June 2017The Government of India has proposed application of its "Ude Desh ka Aam Naagrik" (UDAN) or "Common People of the Country can Fly" policy among member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). An enabling regional connectivity policy could help attract high value economic agents, business travelers, and tourists. Read More Tags: India, BIMSTEC, Transport, Connectivity, Bhutan, Myanmar, Regional Cooperation  May 2017The Secretary General of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) advised member countries to look at regional cooperation in a pragmatic way, with efforts to build regional cooperation focusing on achieving practical results, at the conference marking BIMSTEC’s 20th anniversary. Read More Tags: BIMSTEC, Trade Facilitation, Transport, Connectivity, Regional Cooperation  April 2017India's Union Cabinet, chaired by Prime Minister Narendra Modi, approved the ratification of the MOU for the Establishment of the BIMSTEC Grid Interconnection. The MOU is expected to be signed at the next BIMSTEC Energy Minsters' Meeting and provides a broad framework for energy trade among BIMSTEC member countries. Read More Tags: BIMSTEC, Bangladesh, Bhutan, Connectivity, Energy, India, Myanmar, Nepal, Sri Lanka, Thailand  April 2017The BIMSTEC region hosts 21% of the world’s population and holds great potential for trade. Experts at the Conference on Facilitating Connectivity in Bay of Bengal Region held in Dhaka, Bangladesh, stressed the importance of regional connectivity for BIMSTEC to succeed and to facilitate economic growth among BIMSTEC member countries. Read More Tags: BIMSTEC, ASEAN, SAARC, Regional Cooperation, Cooperation, Bangladesh  March 2017The Eighth BIMSTEC Roundtable Meeting tackled “Rewriting the Rulebook of Regional Connectivity,” emphasizing the need to resolve border-related trade barriers through coordination of government policies across Asia, including Customs procedures and clearance of goods, to unlock the vibrancy of the Asian Highway and reduce the cost of doing business. Read More Tags: BIMSTEC, Trade, Customs, Bangladesh, India, Myanmar, ICT, Nepal, Transport, Ease of Doing Business  January 2017The Government of Sri Lanka aims to attract $50 billion in foreign investment in the next 5-10 years to help develop infrastructure, and boost exports to $20 billion by 2020. This year, Sri Lanka expects to sign free-trade deals with India, Singapore, and China. Read More Tags: Sri Lanka, Exports, India, China, Free Trade Agreement, BIMSTEC, Tourism  October 2016Mr. Romi Gauchan Thakali, Minister for Commerce, Nepal, emphasized the need to finalize and implement the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Free Trade Area (FTA) Framework Agreement, to help boost growth among least developed and developing nations in South and Southeast Asia. He also highlighted implementation of the BIMSTEC Transport Infrastructure and Logistics Study. Read More Tags: BIMSTEC, Trade, Nepal, Transport  October 2016Bangladesh and Nepal officials have emphasized the need to both hasten and deepen integration among South Asian countries through the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). Bangladesh Prime Minister Sheikh Hasina said the region must work to finalize BIMSTEC Free Trade Area Framework Agreement deals to boost trade in the region. Nepal Prime Minister Pushpa Kamal Dahal stated that BIMSTEC can be a dynamic engine for growth and development. Read More Tags: Bangladesh, Nepal, BIMSTEC, Regional Cooperation, Free Trade Agreement  September 2016India Prime Minister Narendra Modi said that BRICS nations (Brazil, Russia, India, China, and South Africa) share the responsibility to shape an agenda to help developing nations. He also spoke of the need to deepen ties with Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) countries. Read More Tags: India, BRICS, BIMSTEC, Regional Cooperation  July 2016The BIMSTEC free trade agreement (FTA) currently under negotiation by the inter-regional organization could benefit the region's trade by helping operationalize production links among member countries and eliminating non-tariff measures within a mutually agreed timeframe. BIMSTEC members are also considering a single visa proposal and extension of the BBIN transport agreement to Myanmar, Thailand, and Sri Lanka. Read More Tags: BIMSTEC, Free Trade Agreement, Transport, Sri Lanka  March 2015Senior officials of BIMSTEC countries have finalized a draft deal to set up grid connectivity, allowing its seven member countries to share their surplus electricity with each other. The draft deal came out of the 5th Meeting of the BIMSTEC Task Force on Trans-Power Exchange, and provides a broad framework for grid interconnections across the region. It is estimated that the seven BIMSTEC countries have a combined hydropower potential of about 290,000 MW. Read More Tags: Energy, BIMSTEC, Regional Cooperation  February 2015Mr. Saurabh Kaushik, research intern for the Institute for Peace and Conflict Studies, examines the trend toward subregional cooperation in South Asia. He traces the reasons for lack of significant outcomes of subregional groupings in the region, and discusses the “silver linings” on the horizon, including projects being supported by the Asian Development Bank (ADB) under the SASEC program. Read More Tags: SAARC, BIMSTEC, IBM-SRC, Trade  September 2014The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Secretariat headquarters was formally opened on 13 September 2014 in Dhaka, Bangladesh with Bangladesh Prime Minister Sheikh Hasina leading the inaugural ceremonies. Read More Tags: BIMSTEC, Bangladesh, Transport, Technical Assistance  March 2014BIMSTEC senior officials visited the Myawaddy-Kawkareik Road Project in Myanmar on 20 March 2014, at the southeastern end of the Trilateral Highway connecting India, Myanmar and Thailand. The $38 million Government of Thailand-financed project is upgrading and constructing 45.5 kilometers of national highway, and rehabilitating the Myanmar-Thailand Friendship Bridge. Read More Tags: Transport, Connectivity, BIMSTEC  March 2014The Third Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation (BIMSTEC) Summit of Leaders and related events was held on 1-4 March 2014 in Nay Pyi Taw, Myanmar. Member States – Bangladesh, Bhutan, India, Myanmar, Nepal, Thailand, and Sri Lanka – strengthened their resolve to jointly promote rapid economic development, and accelerate social progress in the sub-region. Read More Tags: BIMSTEC, Transport, Trade |
