IORA market not fully explored by member states: Momen

The 22nd IORA Council of Ministers meeting began at a Dhaka hotel on Thursday morning. With Bangladesh being the current IORA Chair, Foreign Minister Dr AK Abdul Momen is chairing the meeting.

Indian Ocean Rim Association (IORA) is an inter-governmental organisation which was established on March 7, 1997. There are 23 member states of IORA and 10 dialogue partners.

Foreign Minister Dr AK Abdul Momen today sought everyone’s support and contribution to take IORA to a new height.

“We will work together for ensuring sustainable development through maximum use of marine resources, keeping our oceans healthy. Let this be our commitment today,” he said while delivering the opening remarks at the IORA Council of Ministers meeting.

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“Without hesitation, I can say despite the potential for trade and investment, even after more than two decades, the IORA market is not fully explored by its member states,” Momen said.

Momen said, it is important to rethink the intra-IORA trade and investment dynamics and adopt an approach that would help untap the trade and investment potential.

Strengthening economic relations among IORA member states through a regional trade agreement and the elimination of intra IORA trade and investment barriers are now more important than ever, he said.