It is more important than ever for Bangladesh to build regional cooperation
The inauguration of the Bimstec secretariat in Dhaka is a key step forward in developing the Bay of Bengal Initiative.
As Bangladesh stands at the crossroads of South and South-east Asia, it is good to see the prime minister take a lead in hoping Bimstec will usher in a more productive era of mutual cooperation.
With ASEAN set to develop as a free trade area and Myanmar’s economy rapidly drawing in massive inward investment, it is more important than ever for Bangladesh to improve our economy’s connections beyond South Asia.
By linking five Saarc nations with two key Southeast Asian countries, Myanmar and Thailand, Bimstec has great potential to improve connectivity and build trade between South and East Asia.
Bimstec’s focus on Multi-Sectoral Technical and Economic Cooperation will be especially important in fostering progress on key energy and water issues.
Sharing technical skills and resources on core resource issues such as cross border power grids is imperative, if our countries are to collaborate successfully in meeting future challenges.
Bimstec is a logical way to develop co-operation among member states in leveraging the hydroelectric potential of Myanmar, Nepal, Bhutan and the northeast of India for mutual economic advantage.
It is of both practical and symbolic benefit to Bangladesh. The potential of Saarc and SAFTA has been held back by non tariff barriers and slow progress on important issues such as river sharing.
The development of new forums of cross regional collaboration may help reinvigorate our ability to build cooperation on these issues, as well as boosting economic growth and integration.
Source: Dhaka Tribune
