As the transformative forces reshape our world, global economic and geopolitical dynamics are redrawing the landscape. Crises like the one unfolding at the Red Sea are driving nations toward strategies of near-shoring and multi-sourcing.
Amid this evolving scenario, trade barriers are increasingly prevalent in the South and Southeast Asian regions.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) stands to bridge the gap between South Asia and Southeast Asia through enhanced trade and connectivity.
As nations look inward, greater intra- and inter-regional cooperation can pave the way for unprecedented trade opportunities and economic growth.
BIMSTEC countries, among other areas, need to work on governance, connectivity and trade facilitation, disaster management, climate issues—mainly green financing, counter-terrorism, global value chains, digitalisation, cross-border digital payment and interoperability, foreign direct investment, and the implementation of the BIMSTEC master plan for transport connectivity.
Experts discussed these developments during a dialogue titled 'The New World Order and BIMSTEC' organised by the South Asian Network on Economic Modeling (SANEM) in collaboration with Chulalongkorn University's Institute of Trade and Development (ITD) and The Asia Foundation (TAF) as a curtain raiser to the sixth BIMSTEC Summit in Thailand on Friday.
Over 100 senior experts, scholars, diplomats, and practitioners attended this two-day international conference in person and virtually. In addition to the inaugural and valedictory sessions, six plenary sessions and a special one were organised.
This conference followed up on a previous conference that SANEM organised back in October 2022 in Bangkok on the sidelines of the fifth BIMSTEC Summit. This conference concluded with a declaration titled the 'Bangkok Declaration,' comprising 18 key points, which was handed over to BIMSTEC Director Tshewang Dorji with a request to report it back to the sixth summit.
Economists made several recommendations during the concluding session titled 'Sixth BIMSTEC Summit and Way Ahead,' chaired and moderated by Centre for Policy Dialogue Distinguished Fellow Mustafizur Rahman.
Seven panellists shared their remarks ahead of the upcoming sixth summit.
SANEM Executive Director Selim Raihan expressed that this year's summit is an excellent opportunity to address previous inconsistencies and bring a fresh perspective.
"Political commitment and synchronisation will make the progress visible. Implementation of previously agreed-upon measures will be fruitful. The BIMSTEC Master Plan is extremely important, and a non-tariff measures (NTM) database should be established," he opined.
Mustafizur Rahman highlighted other panellists' recommendations, saying, "The BIMSTEC secretariat should be supported by other members. Every nation's plans are important."
He also urged for the formulation of a master plan, which is needed for better trade and connectivity among member states.
Pisan Manawapat, former ambassador of Thailand to India, made the closing remarks, saying, "Despite 57 years of existence, people still confuse the Association of Southeast Asian Nations (ASEAN) with BIMSTEC. It should not be the case with BIMSTEC.
He called on the initiative to focus on what BIMSTEC can do best to add value and meet the needs of people in the Bay of Bengal, saying, "Time has come to change its name to the Indo Andaman Group. Review, assess, and prioritise areas of cooperation. Cut down on meetings, plans of (no) action, and reports nobody reads."
