BIMSTEC a powerful engine of economic growth Financing of transport connectivity master plan has begun

New Delhi, Oct 25 (FN Bureau) Describing BIMSTC as a powerful engine of economic growth, Foreign Secretary Harsh Vardhan Shringla on Monday said that work on financing and implementing the Transport Connectivity Master Plan of the seven-member bloc has begun and there has also been progress on finalizing the Coastal Shipping and the Motor Vehicles Agreement. Addressing the International Symposium on “BIMSTEC: A Vehicle for Growth and Development” Organized by the Institute of Social and Cultural Studies, Kolkata, the Foreign Secretary said the Covid pandemic has added a new dimension to disaster management, and as lead country for disaster management, India will be organizing a Tri-Services HADR (Humanitarian Assistance and Disaster Relief) exercise towards this year.

“With 21.7% of the world population and combined GDP of US$ 3.8 trillion, BIMSTEC is a powerful engine of economic growth. During the last decade, the region has registered a compound annual growth rate (GDP growth) of 6.1%. We should collectively strive to surpass this growth rate in the current decade,” he said. Shringla said that India remains strongly committed to further building the momentum towards deepening of regional cooperation under the BIMSTEC framework and working towards making the organization stronger, more vibrant, more effective and result-oriented. He said the participation of BIMSTEC Leaders at Prime Minister Narendra Modi’s swearing-in ceremony in May 2019 was a testament to the importance attached by India to BIMSTEC. The BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) – comprising Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal – has gained in importance following the growing irrelevance of SAARC (South Asian Association for Regional Cooperation) due to Pakistan’s intransigence. Describing BIMSTEC as a crucial link in connecting South and South-East Asia, Shringla said that for a long time the BIMSTEC process was marked by a high degree of informality, without an institutional structure.

“It received a major thrust at the BIMSTEC Outreach Summit and Leader’s Retreat in India in October 2016 in which the Leaders agreed to work collectively to make BIMSTEC stronger, more effective and result oriented. Various initiatives in the key areas of security and counter terrorism, connectivity and trade, environment and disaster management, energy and people-to-people contacts were given an impetus, providing much greater visibility to BIMSTEC and its initiatives,” he added. He said commendable progress has been made in finalizing the BIMSTEC Charter; BIMSTEC Master Plan for Transport Connectivity; BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters; BIMSTEC Technology Transfer Facility (TTF); Cooperation between Diplomatic Academies/Training Institutions; and a template of Memorandum of Association for future establishment of BIMSTEC Centres/Entities. “We look forward to the next BIMSTEC Summit to adopt these documents.” At the last Summit in 2018 in Kathmandu, Prime Minister Modi announced several initiatives to strengthen BIMSTEC cooperation and capacity-building in different areas, he said, adding that “I am glad to inform you that most of these initiatives have been implemented, including the hosting of the Startup Conclave; Military Exercise; Ministerial Conclave at the India Mobile Congress 2018; Disaster Management Exercise; Seminar on Climate Smart Farming Systems; training of Diplomats in India etc.

Action is being taken on organizing a Tri-Services HADR Exercise, Youth Water Sports and other initiatives in the coming months.” With robust connectivity an essential prerequisite for economic integration of the region with smooth cross-border movement of people and goods, the BIMSTEC Master Plan for Transport Connectivity, finalized under India’s chairmanship of the expert group last year, “envisages a seamless multimodal transport system across the region with efficient transit facilities to enhance the mobility of goods and people”. “We need to now collectively develop a strategy for financing and implementing the Transport Connectivity Master Plan. I am happy to note that work in this direction has already begun with ADB conducting the first consultative workshop on financing of the Master Plan last month,” he added. Shringla said one of the priority areas has been to enhance energy cooperation and expand electricity trade through the establishment of BIMSTEC Grid Interconnection. An MOU for Establishment of the BIMSTEC Grid Interconnection was signed at the Fourth BIMSTEC Summit. “The power grid interconnection would enhance energy security of the region by improving diversity of sources and means of supply to each participating country.”

Stating that “Development and prosperity can only be achieved where there is peace and security,” he stressed that “We all know that security both within the borders and in the littoral region is crucial for our well-being. The relevance of maritime connectivity and security in BIMSTEC is doubly emphasized. Our cooperation in the security sector therefore has a special significance.” “Disaster management is another important area of collaboration among the BIMSTEC countries having similar geo-climatic conditions. The Bay of Bengal which occupies 0.6% of the global ocean area, is responsible for about four out of five cyclone-related deaths in the world.” He said the BIMSTEC Centre for Weather and Climate, being hosted in India, is fully functional with state of the art facilities to provide early disaster warnings. “Next year is going to be the silver jubilee year of the establishment of the BIMSTEC. The occasion gives us an opportunity to reinforce our efforts in raising the level of our cooperation and economic integration.” “I am confident that BIMSTEC would go from strength to strength in the years to come,” he added.