Staff Reporter :
Bangladesh has officially taken over the chairmanship of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) for the 2025 term, marking a pivotal moment for the seven-nation regional bloc.
The leadership transition comes at a time of both significant opportunity and persistent political and structural challenges, according to a statement from the International Chamber of Commerce, Bangladesh (ICCB) on Saturday.
Despite over 25 years of cooperation, intra-regional trade within BIMSTEC remains limited at just $40 billion-roughly 7per cent of total trade among member states-far short of the estimated $250 billion potential.
The ICCB highlighted key impediments, including ongoing political tensions, delayed infrastructure initiatives, and an underperforming trade framework.
At the 6th BIMSTEC Summit in April, member states endorsed the Bangkok Vision 2030, a comprehensive roadmap for sustainable development aligned with the UN Sustainable Development Goals.
The vision, shaped by Thailand’s Bio-Circular-Green (BCG) economic model, aims to deepen economic integration and environmental sustainability across the region.
Connectivity remains a cornerstone of BIMSTEC’s strategic agenda, with major projects such as the India-Myanmar-Thailand Trilateral Highway and the Kaladan Multi-Modal Transit Project designed to enhance cross-border linkages. However, many of these initiatives remain stalled due to political instability and bureaucratic inertia.
Bangladesh’s leadership comes at a time when domestic political uncertainties and strained relations with neighbouring India may hinder efforts to foster regional consensus.
Additionally, the ongoing crisis in Myanmar further complicates prospects for unified progress.
These dynamics, the ICCB suggests, will test Dhaka’s diplomatic capabilities-potentially defining its tenure as either a period of constructive leadership or a missed opportunity.
A long-awaited Free Trade Agreement (FTA) among BIMSTEC members remains elusive, despite negotiations beginning in 2004. Persistent non-tariff barriers, protectionist policies, and a lack of political alignment continue to impede progress.
In contrast, ASEAN nations conduct approximately 25 per cent of their trade within the bloc – a benchmark BIMSTEC is yet to approach.
Nevertheless, there are glimmers of potential. The BIMSTEC Trade Facilitation Strategic Framework 2030, developed with assistance from the Asian Development Bank, offers a structured plan to address trade inefficiencies and harmonise procedures.
Bangladesh will be tasked with mobilising political will among members to operationalise these proposals and revitalise the bloc’s economic agenda.
For Bangladesh, the chairmanship also presents a strategic opportunity to advance the interests of key domestic sectors-particularly garments, pharmaceuticals, and agriculture-by advocating for simplified customs processes, liberalised visa regimes, and enhanced cross-border digital transactions.
These reforms could significantly reduce trade costs and unlock new markets for Bangladeshi exporters.
However, domestic stability will be critical. Without sustained political coherence and credible governance at home, efforts to assert regional leadership may fall short.
As BIMSTEC enters its second quarter-century, Bangladesh’s role as chair is far from symbolic – it is a test of statesmanship.
The international community will be watching closely to see whether Dhaka can bridge divergent national priorities and forge a shared path forward.
While flawless execution may be unrealistic, measurable progress will be the benchmark by which this leadership term is judged.
