Time to tap potential of regional forums
Friday, 14 November 2008
Syed Fattahul Alim
The timing for the second summit of the Bay of Bengal Initiative for Multi-sectoral, Technical and Economic Cooperation (BIMSTEC) among seven South and Southeast Asian nations in New Delhi could not be held at a better time than the ongoing crisis in the global economic system. The summit has been especially crucial for Bangladesh, both against the backdrop of the international crisis and the recent developments in the territorial waters between Bangladesh and one of its next-door neighbours Myanmar. The summit has also provided the opportunity for Bangladesh to sort out some bilateral issues relating to trade and commerce and other areas of cooperation with India, its largest South Asian neighbour. Chief Adviser, who led the Bangladesh delegation to the New Delhi summit of Bimstec, has already had discussions with the Indian prime minister on issues relating to the existing barriers to freer trade between the countries.
While the Bimstec nations develop some consensus and guide to action on some of the pertinent issues like the global economic meltdown, energy, food crisis and climate change and so on at the Delhi summit at a most perilous time not only for the Bay of Bengal rim countries but also for the entire global community, this occasion has also provided them with the opportunity to have vital communications between the leaders of Bangladesh and Myanmar on the sidelines of the summit. For example, the bilateral exchanges may help find ways to remove the irritants centring the maritime boundaries between the two close neighbours.
In fact, the recent developments in the Bay of Bengal grabbed a lot of media attention and led to a flurry of activities on the diplomatic front between Dhaka and Yangon. Though withdrawal of Myanmar's hydrocarbon drilling rigs as well as the warships of the two countries from the disputed waters have quietened situation to a considerable degree, it cannot be said that the misunderstandings created over the crisis have been removed once and for all. For the Myanmar authorities are yet to come out with their real stand on the issue. What is further discomforting about the whole issue is that the Myanmar government has explained their withdrawal of gas drilling rig as an action that has followed their completion of exploration activities at the site in the Bay in question and not as a goodwill move resulting from the diplomatic efforts to resolve the crisis.
There is further reason to believe that the problem is yet to be resolved seeing that the Myanmar authorities have meanwhile stopped all activities of constructing the trade zone at Taungbro town on its western border with Bangladesh. Such developments have important bearing on the prospects of future growth of bilateral trade and commerce between the two neighbours, the future of the proposed hydro-electric plant for generating power for Bangladesh, the construction of the road linking Bangladesh, Myanmar and China and all other related issues of mutual interest. Worse still, there is still no confirmation that mobilisation of Myanmar's troops along the international border between the two countries has been stopped. So, to all appearances, the root cause of the brief face-off between the two close neighbours over Myanmar's gas exploration within Bangladesh's territorial waters is yet to be addressed through bilateral talks at the highest level between the two countries.
Like any other international or regional summits, the Bimstec's Delhi summit has thus created the rare opportunity before the regional leaders to have important exchanges between them aside from the main event of the occasion. So, it is hoped that the Bangladesh's chief adviser and the Myanmar's prime minister would make the most of this opportunity to sort out the latest misunderstanding between the two close neighbours.
The Delhi summit of Bimstec has also created the opportunity for the Saarc members, who are members of both the regional forums simultaneously, to hold talks on the issues of bilateral interests between themselves. Though neither of the regional forums has been able to make any major breakthroughs in the areas of trade and commerce among their member states, it is still expected that in the changed international situation in the wake of the global economic meltdown, the regional economies would keep themselves in closer contact and use such forums to take contingency measures so that they might face the impending economic calamity together.
India along with China represents the largest emerging economies of the world. It is a member of the Group of 20 nations that represents the most advanced economies of the world. In the next meeting of G20, the big economies will discuss the future course that the world economy will take. It is, therefore, expected that India as member of both Bimstec and Saarc will not forget the problems its least developed partners in these regional forums have been facing in their struggle for graduating from a low income to middle income nations. And that is more so at this time when the entire global economy is passing through one of its gravest crisis in history.
Needless to say, the developing and, especially, the least economies of the world have a serious stake in what course of action the world leaders take to ward off the damaging consequences of the impending economic crunch. It is naturally expected of India that it would also represent the South Asian as well as the Bimstec regions at the G20 meet and highlight the problems the less privileged economies like Bangladesh have been going through.
Though the advancing recession will affect all economies in general, it is going to affect the most advanced, the emergent, the developing and the least developing economies differently. The high income level and the concomitant high standards of living that the people of those countries are habituated in will undergo a sudden decline. The industries of those countries have already started cutting productions and jobs. So, the impact of the recession will be most conspicuous in those countries. The fall of domestic consumption will naturally affect their import of consumer goods from the developing and the least developed nations. The main risk of the countries like ours lies exactly here. Our exports, remittances from the expatriate workers, aid and grants that supplement our development budget-all will suffer as a result. All these will also militate against our own development activities.
Under the circumstances, the regional forums like Bimstec and Saarc already existing among these countries should be considered as something they can turn to in such hour of need. The members of Bimstec should, therefore, take the summit as a big opportunity to close their ranks both at the bilateral and the multi-lateral levels.
It is worthwhile to note that at the current level, which cannot be said to be high, the Bimstec nations transact among themselves a volume of trade that is worth US$ 20 billion. The volume can be enhanced many times through creating yet more intense rapport among ourselves. And such enhancement of regional trade has become more important, if only to offset the reduced level of trade and commerce with the highly advanced economies of the world. It is hoped that Bimstec nations including Bangladesh. India, Nepal, Bhutan, Sri Lanka, Myanmar and Thailand understand this well to put the regional forum's second summit to good use.
As every cloud has a silver lining to it, so has every crisis in the world. All would not be gloom and doom for the developing and the least developed nations amidst this global economic depression. The regional forums like Bimstec and Saarc may, for example, rise to the occasion and build stronger bridge between their economies as well as take measures to combat other challenges like climate change, fighting terrorism, creating regional food bank and so on. It is therefore time they again turned their attention to the forums, the potential of which have so far remained largely untapped.
The timing for the second summit of the Bay of Bengal Initiative for Multi-sectoral, Technical and Economic Cooperation (BIMSTEC) among seven South and Southeast Asian nations in New Delhi could not be held at a better time than the ongoing crisis in the global economic system. The summit has been especially crucial for Bangladesh, both against the backdrop of the international crisis and the recent developments in the territorial waters between Bangladesh and one of its next-door neighbours Myanmar. The summit has also provided the opportunity for Bangladesh to sort out some bilateral issues relating to trade and commerce and other areas of cooperation with India, its largest South Asian neighbour. Chief Adviser, who led the Bangladesh delegation to the New Delhi summit of Bimstec, has already had discussions with the Indian prime minister on issues relating to the existing barriers to freer trade between the countries.
While the Bimstec nations develop some consensus and guide to action on some of the pertinent issues like the global economic meltdown, energy, food crisis and climate change and so on at the Delhi summit at a most perilous time not only for the Bay of Bengal rim countries but also for the entire global community, this occasion has also provided them with the opportunity to have vital communications between the leaders of Bangladesh and Myanmar on the sidelines of the summit. For example, the bilateral exchanges may help find ways to remove the irritants centring the maritime boundaries between the two close neighbours.
In fact, the recent developments in the Bay of Bengal grabbed a lot of media attention and led to a flurry of activities on the diplomatic front between Dhaka and Yangon. Though withdrawal of Myanmar's hydrocarbon drilling rigs as well as the warships of the two countries from the disputed waters have quietened situation to a considerable degree, it cannot be said that the misunderstandings created over the crisis have been removed once and for all. For the Myanmar authorities are yet to come out with their real stand on the issue. What is further discomforting about the whole issue is that the Myanmar government has explained their withdrawal of gas drilling rig as an action that has followed their completion of exploration activities at the site in the Bay in question and not as a goodwill move resulting from the diplomatic efforts to resolve the crisis.
There is further reason to believe that the problem is yet to be resolved seeing that the Myanmar authorities have meanwhile stopped all activities of constructing the trade zone at Taungbro town on its western border with Bangladesh. Such developments have important bearing on the prospects of future growth of bilateral trade and commerce between the two neighbours, the future of the proposed hydro-electric plant for generating power for Bangladesh, the construction of the road linking Bangladesh, Myanmar and China and all other related issues of mutual interest. Worse still, there is still no confirmation that mobilisation of Myanmar's troops along the international border between the two countries has been stopped. So, to all appearances, the root cause of the brief face-off between the two close neighbours over Myanmar's gas exploration within Bangladesh's territorial waters is yet to be addressed through bilateral talks at the highest level between the two countries.
Like any other international or regional summits, the Bimstec's Delhi summit has thus created the rare opportunity before the regional leaders to have important exchanges between them aside from the main event of the occasion. So, it is hoped that the Bangladesh's chief adviser and the Myanmar's prime minister would make the most of this opportunity to sort out the latest misunderstanding between the two close neighbours.
The Delhi summit of Bimstec has also created the opportunity for the Saarc members, who are members of both the regional forums simultaneously, to hold talks on the issues of bilateral interests between themselves. Though neither of the regional forums has been able to make any major breakthroughs in the areas of trade and commerce among their member states, it is still expected that in the changed international situation in the wake of the global economic meltdown, the regional economies would keep themselves in closer contact and use such forums to take contingency measures so that they might face the impending economic calamity together.
India along with China represents the largest emerging economies of the world. It is a member of the Group of 20 nations that represents the most advanced economies of the world. In the next meeting of G20, the big economies will discuss the future course that the world economy will take. It is, therefore, expected that India as member of both Bimstec and Saarc will not forget the problems its least developed partners in these regional forums have been facing in their struggle for graduating from a low income to middle income nations. And that is more so at this time when the entire global economy is passing through one of its gravest crisis in history.
Needless to say, the developing and, especially, the least economies of the world have a serious stake in what course of action the world leaders take to ward off the damaging consequences of the impending economic crunch. It is naturally expected of India that it would also represent the South Asian as well as the Bimstec regions at the G20 meet and highlight the problems the less privileged economies like Bangladesh have been going through.
Though the advancing recession will affect all economies in general, it is going to affect the most advanced, the emergent, the developing and the least developing economies differently. The high income level and the concomitant high standards of living that the people of those countries are habituated in will undergo a sudden decline. The industries of those countries have already started cutting productions and jobs. So, the impact of the recession will be most conspicuous in those countries. The fall of domestic consumption will naturally affect their import of consumer goods from the developing and the least developed nations. The main risk of the countries like ours lies exactly here. Our exports, remittances from the expatriate workers, aid and grants that supplement our development budget-all will suffer as a result. All these will also militate against our own development activities.
Under the circumstances, the regional forums like Bimstec and Saarc already existing among these countries should be considered as something they can turn to in such hour of need. The members of Bimstec should, therefore, take the summit as a big opportunity to close their ranks both at the bilateral and the multi-lateral levels.
It is worthwhile to note that at the current level, which cannot be said to be high, the Bimstec nations transact among themselves a volume of trade that is worth US$ 20 billion. The volume can be enhanced many times through creating yet more intense rapport among ourselves. And such enhancement of regional trade has become more important, if only to offset the reduced level of trade and commerce with the highly advanced economies of the world. It is hoped that Bimstec nations including Bangladesh. India, Nepal, Bhutan, Sri Lanka, Myanmar and Thailand understand this well to put the regional forum's second summit to good use.
As every cloud has a silver lining to it, so has every crisis in the world. All would not be gloom and doom for the developing and the least developed nations amidst this global economic depression. The regional forums like Bimstec and Saarc may, for example, rise to the occasion and build stronger bridge between their economies as well as take measures to combat other challenges like climate change, fighting terrorism, creating regional food bank and so on. It is therefore time they again turned their attention to the forums, the potential of which have so far remained largely untapped.