Experts focus on stronger ties within BIMSTEC

Experts at a dialogue on Wednesday stressed the need for stronger regional cooperation within member countries of the multimodal bloc BIMSTEC, particularly in trade, digital connectivity and green economy.
They highlighted the critical role of political commitment and institutional frameworks for the success of BIMSTEC, with particular focus on Bangladesh's LDC graduation in 2026.
Discussions centred on enhancing business-to-business (B2B) relations, promoting sustainable development goals and overcoming uncertainties.
Panellists from member states raised critical issues, including the need for institutional reforms within BIMSTEC and enhancing regional trade facilitation.
Regional leaders and experts gathered to discuss the challenges and potential of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) in the key policy dialogue ahead of the Sixth BIMSTEC Summit.
'The BIMSTEC Policy Dialogue on Regional Cooperation and Development: Curtain Raiser to the Sixth BIMSTEC Summit' was co-hosted by the South Asian Network on Economic Modeling (SANEM) and the BIMSTEC Secretariat in Dhaka.
Opening the session, BIMSTEC Secretary General Indra Mani Pandey emphasised complex diplomatic challenges facing BIMSTEC members, calling for equal participation and greater political commitment to ensuring the implementation of policies.
He also expressed optimism for BIMSTEC's future, acknowledging the progress made so far while emphasising that the region's past should not define its potential.
Policy Research Institute Chairman Dr Zaidi Sattar expressed optimism about the future of BIMSTEC, despite current uncertainties and trade challenges.
According to Dr Sattar, the size of a group matters in terms of GDP, noting that BIMSTEC's trade GDP is higher than that of SAARC but still falls behind ASEAN.
The economist urged BIMSTEC to promote trade openness, integrate regional value chains and strengthen cooperation with ASEAN to unlock the full economic potential of the Bay of Bengal region.
Dr Selim Raihan from SANEM discussed the need for adaptive regional cooperation, acknowledging both the opportunities and significant gaps in addressing global challenges such as trade uncertainty and climate change.
Countries are yet to unlock their full trade potential, with intra-regional trade accounting for only 7.0 per cent of their total trade, compared to 25 per cent for ASEAN, according to him.
"One of the major barriers to trade and investment within BIMSTEC is the absence of a Free Trade Agreement. Despite a framework being established in 2004, a comprehensive FTA has yet to materialise," added Prof Raihan.
To accelerate FTA negotiations, he stressed the importance of resolving disputes and reducing non-tariff barriers, further noting that $120 billion in annual investment is needed to bridge infrastructure gaps within BIMSTEC.
Prof Mustafizur Rahman, distinguished fellow at the Centre for Policy Dialogue (CPD), underlined the importance of improving trade, transport and investment connectivity. Dr Paras Kharel of SAWTEE pointed out the challenges posed by ongoing conflicts in the region, saying: "BIMSTEC's success depends on bilateral relations, and the relationship between Bangladesh, India and Myanmar will be decisive for its future."
Dr Sineenat Sermcheep from Chula University in Bangkok pointed out the significance of digital connectivity for future integration.
Former BIMSTEC secretary general Sumith Nakandala called for a rethink on regional integration, noting the need for enhanced cooperation with ASEAN and finalising FTAs. "We need to focus on the Bay of Bengal area, ensuring that the benefits of BIMSTEC are shared by all member states."
Policy Exchange Bangladesh founder Dr M Masrur Reaz spoke about the role of foreign trade investment (FTI) in BIMSTEC's green economy. "FTI in sustainable sectors is critical, and BIMSTEC must strengthen its secretariat to fully tap into its economic potential."

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