CA for making BIMSTEC stronger to face global challenges
Friday, 14 November 2008
NEW DELHI, Nov 13 (UNB): Chief Adviser (CA) Dr Fakhruddin Ahmed Thursday called for forging a stronger alliance of BIMSTEC to deal effectively and resolutely with the issues of rising food prices, persistent high energy costs and negative fall-out from climate change.
He proposed to include climate change as a priority area of cooperation in the BIMSTEC, saying that if given the task, Bangladesh would be happy to act in this critical area.
Delivering the country statement at the plenary session of the second BIMSTEC summit, the head of the caretaker government also proposed for setting a target date for the BIMSTEC Free Trade Agreement to come into effect.
Indian Prime Minister Dr Manmohan Singh, current chairman of the BIMSTEC, earlier inaugurated the plenary session at around 10:20am at the Darbar Hall of Hotel Taj Palace.
BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) groups seven countries - Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. Chief Adviser Dr Fakhruddin Ahmed was the first speaker at the plenary session, chaired by Indian Prime Minister Manmohan Singh.
Bhutanese Prime Minister Lyonchhen Jigmi Y Thinley, Myanmar's Prime Minister Gen Thein Sein, Nepalese Prime Minister Pushpa Kamal Dahal 'Prachanda', Sri Lankan President Mahinda Rajapaksa and Thai Prime Minister Somchai Wangsawat also addressed the plenary session in alphabetical order.
The Chief Adviser said that in shorter term, the BIMSTEC leaders might consider creating an institutional mechanism to maintain a buffer stock of food in the region, similar to a SAARC Food Bank.
"We are all aware of the growing challenges that our societies are faced with today. Rising food prices, persistent high energy costs, and negative fallout from climate change have tested our limits. It's time we consolidate and forge a stronger alliance to deal with these issues effectively and resolutely," he said.
He added: "We've noted that progress has been achieved in the BIMSTEC FTA negotiations, although at a less than ideal pace. I propose that we set a target date for the BIMSTEC Free Trade Agreement to come into effect.
He said: "We are encouraged by the tremendous opportunities that beckon us today. Common interests and aspirations of our peoples place us in a unique position to transform the economic and social landscapes of our countries.
"As a group, we need to be creative and pragmatic in our approach to turn these challenges into tangible opportunities. The 21st century belongs to Asia. But a good deal will depend on how we develop our potential."
The CA said the recent global financial crisis has increased the threat of a deep worldwide recession. A decline in demand for exports from developing countries is a distinct possibility.
He reminded that concerted and comprehensive global actions are needed to respond to and overcome this crisis. "Regionally, increased coordination and consultations amongst our central banks and financial regulators will be useful. They should continuously monitor and assess the situation and suggest remedial measures."
In this interdependent world, the CA said, "Our prosperity and well-being depends on our collective and collaborative endeavours. We must chart out a clear roadmap and commit ourselves to effectively follow it through for the 2.2 billion people of this region."
He said that in the one decade of its existence, BIMSTEC has come a long way. It is time that BIMSTEC leaders make an in-depth review of the organisation.
He proposed to include climate change as a priority area of cooperation in the BIMSTEC, saying that if given the task, Bangladesh would be happy to act in this critical area.
Delivering the country statement at the plenary session of the second BIMSTEC summit, the head of the caretaker government also proposed for setting a target date for the BIMSTEC Free Trade Agreement to come into effect.
Indian Prime Minister Dr Manmohan Singh, current chairman of the BIMSTEC, earlier inaugurated the plenary session at around 10:20am at the Darbar Hall of Hotel Taj Palace.
BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) groups seven countries - Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. Chief Adviser Dr Fakhruddin Ahmed was the first speaker at the plenary session, chaired by Indian Prime Minister Manmohan Singh.
Bhutanese Prime Minister Lyonchhen Jigmi Y Thinley, Myanmar's Prime Minister Gen Thein Sein, Nepalese Prime Minister Pushpa Kamal Dahal 'Prachanda', Sri Lankan President Mahinda Rajapaksa and Thai Prime Minister Somchai Wangsawat also addressed the plenary session in alphabetical order.
The Chief Adviser said that in shorter term, the BIMSTEC leaders might consider creating an institutional mechanism to maintain a buffer stock of food in the region, similar to a SAARC Food Bank.
"We are all aware of the growing challenges that our societies are faced with today. Rising food prices, persistent high energy costs, and negative fallout from climate change have tested our limits. It's time we consolidate and forge a stronger alliance to deal with these issues effectively and resolutely," he said.
He added: "We've noted that progress has been achieved in the BIMSTEC FTA negotiations, although at a less than ideal pace. I propose that we set a target date for the BIMSTEC Free Trade Agreement to come into effect.
He said: "We are encouraged by the tremendous opportunities that beckon us today. Common interests and aspirations of our peoples place us in a unique position to transform the economic and social landscapes of our countries.
"As a group, we need to be creative and pragmatic in our approach to turn these challenges into tangible opportunities. The 21st century belongs to Asia. But a good deal will depend on how we develop our potential."
The CA said the recent global financial crisis has increased the threat of a deep worldwide recession. A decline in demand for exports from developing countries is a distinct possibility.
He reminded that concerted and comprehensive global actions are needed to respond to and overcome this crisis. "Regionally, increased coordination and consultations amongst our central banks and financial regulators will be useful. They should continuously monitor and assess the situation and suggest remedial measures."
In this interdependent world, the CA said, "Our prosperity and well-being depends on our collective and collaborative endeavours. We must chart out a clear roadmap and commit ourselves to effectively follow it through for the 2.2 billion people of this region."
He said that in the one decade of its existence, BIMSTEC has come a long way. It is time that BIMSTEC leaders make an in-depth review of the organisation.