The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), consisting of Myanmar, Thailand, Bangladesh, Bhutan, India, Nepal, and Sri Lanka, aims to establish a Free Trade Area within its region, which is home to over 20% of the world’s population and a GDP of $5 trillion.
The upcoming summit in September will focus on maritime transport cooperation to enhance regional connectivity. Bangladesh has recently cleared ports for India, reducing transport costs significantly. The group also plans to develop infrastructure like expressways, coastal shipping, railways, and air services.
India plays a crucial role in BIMSTEC’s success, holding strategic access to ports and aiming to boost trade with Southeast Asia. However, challenges remain in coordinating projects and fulfilling promises. The initiative aims to counter China’s influence in the region while benefiting all member nations in terms of trade and strategic positioning.
Overall, BIMSTEC shows more promise than its predecessor SAARC, with a renewed focus on cooperation, development, and regional integration. With the right investments and collaboration, the Bay of Bengal region could emerge as a vital trade corridor connecting Asia-Pacific markets.