Can BIMSTEC deliver on its promise?

FE Team | Published: July 23, 2026 20:53:44

For nearly three decades since its inception, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has struggled to transform its promise into tangible outcomes. The regional bloc, comprising Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand, has often appeared to be limping from one meeting to another, with progress slowing almost to the point of an impasse. The diversity and asymmetry among its member states -- in terms of economic size, political priorities and strategic interests -- are believed to have posed challenges to meaningful regional cooperation.
The BIMSTEC has identified fourteen priority sectors, ranging from trade and investment to energy, transport, climate change and technological cooperation. Dedicated centres and institutional mechanisms have also been established to advance these objectives. Yet, despite these elaborate arrangements, the bloc has made only modest progress beyond setting up working groups, adopting action plans and holding periodic consultations. The gap between ambition and implementation remains uncomfortably wide. Against this backdrop, the latest efforts to inject fresh momentum into BIMSTEC deserve attention. The renewed emphasis on boosting trade and investment through alternative mechanisms, including reviving negotiations on the long-delayed free trade agreement (FTA), reflects a welcome sense of urgency. Nevertheless, optimism must be tempered by the bloc's own history of missed deadlines and unfulfilled commitments.
Speaking to members of the Diplomatic Correspondents Association of Bangladesh (DCAB) at the BIMSTEC Secretariat in Dhaka this week, the Secretary-General acknowledged that negotiations on the FTA remain a complex undertaking involving countries with differing priorities and concerns. Signed in 2004, the framework agreement gave rise to a Trade Negotiation Committee and six working groups tasked with drafting the constituent agreements of the proposed trade pact. More than two decades later, however, the agreement remains unfinished -- a telling reminder of the slow pace of regional integration. The Secretary-General was right to point out that multilateral trade negotiations are inherently more demanding than bilateral ones, as every member seeks to protect its own national interests while pursuing collective gains. He also rightly observed that FTA is only one instrument for expanding regional commerce. Equally important are initiatives such as establishing a BIMSTEC Chamber of Commerce and Industry, creating a platform for investment-promotion agencies and harmonising standards to reduce non-tariff barriers. Bangladesh's assumption of the BIMSTEC chairmanship offers a timely opportunity to reinvigorate the process. The government's commitment to convene meetings of the Trade Negotiation Committee and its working groups more frequently could provide the impetus that has long been missing. Whether this renewed activism translates into concrete outcomes, however, will depend on the collective political will of all member states.
The Bay of Bengal region is home to nearly one-quarter of the world's population and possesses enormous economic potential. Its people deserve a regional organisation that delivers more than declarations and deferred promises. One can only hope that the optimism expressed by the Secretary-General is matched by sustained action, enabling the BIMSTEC to finally evolve from a forum of aspirations into an engine of regional cooperation and prosperity.