The coming BIMSTEC summit is going to be an opportunity to build a new economic foundation for the Bay of Bengal region. Explain (200 Words)
Refer - Business Line
Enrich the answer from other sources, if the question demands.
IAS Parliament 3 years
KEY POINTS
· BIMSTEC brings together 1.67 billion people and a combined GDP of $2.88 trillion . No other region can match the BIMSTEC in terms of its resources, and the seven member-states share strong civilisational links and cultural bonds.
· The region has been facing challenges in terms of rise in poverty and inequality, more due to the Covid-19 pandemic, climate change vulnerabilities and shocks, several non-traditional security threats and, more importantly, a regional integration dilemma.
· The regional grouping has made excellent progress on some fronts, but they remain half-done. For example, member-countries have ratified the BIMSTEC energy grid inter-connectivity.
· BIMSTEC requires seamless sustainable multi-modal transport links and must promote synergy with other connectivity frameworks such as the ASEAN Master Plan on Connectivity 2025.
· The foundation of BIMSTEC’s economic growth has been the rules-based open multilateral trading system. Leaders must pledge to bring the BIMSTEC FTA to a successful conclusion. Along with it, intra-regional FDI is a must if we want to facilitate the regional and global value chains.
· BIMSTEC is the golden heartland of Asia. The coming BIMSTEC summit is going to be an opportunity to build a new economic foundation for the Bay of Bengal region that harnesses our collective strength and shared culture.
Manish 3 years
Please Review !
IAS Parliament 3 years
