Bimstec chief urges member states to boost trade within the region
Business Report :
Secretary General of Bimstec Tenzin Lekphell has expressed his optimism that all the member states will put in place necessary trade facilitation measures as soon as possible to boost trade within the region.
“Today as the world economy passes through economic and political uncertainties, all countries are facing huge challenges in coping up with these uncertainties,” he said, putting emphasis on “collective action” to address the challenges.
State Minister for Foreign Affairs Md Shahriar Alam spoke as the chief guest at Bimstec Day reception held at its headquaters in Dhaka on Tuesday evening. Ambassadors and high commissioners from Bimstec member states were present.
Terming Bimstec a dynamic region, the secretary general said all challenges and crises also create opportunities that need to be capitalized.
He said the Bimstec Energy Centre that will act as the Secretariat of Bimstec energy cooperation will formally be inaugurated in India later this year.
The secretary general also expressed happiness that the Bimstec maritime cooperation agreement was also endorsed by the 19th ministerial meeting in March this year and will be signed during the upcoming sixth summit in Thailand.
The meeting also endorsed several important instruments including the Bimstec Bangkok Vision 2030, Agreement on Maritime Transport Cooperation, Rules of Procedures for Bimstec Mechanisms, Terms of Reference for Eminent Persons’ Group, Inclusion of Blue Economy, Mountain Economy and Poverty Alleviation under the purview of re-constituted sectors/sub-sectors of Bimstec Cooperation.
Lekphell said the three key components to realise intergrid connection namely the Bimstec Energy Master Plan; Bimstec Policy for Transmission of Electricity; and the Policy for Trade, Exchange of Electricity and Tariff Mechanism – are nearing completion.
Shahriar Alam said Bangladesh and a few other Bimstec members will quickly lose the advantages they had after graduating from LDC status, and in the Bimstec process, they must work together to develop alternatives.