CA urges BIMSTEC to work together for shared benefits

Chief Adviser Prof Muhammad Yunus on Friday urged the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation to work together for mutuality of interests and shared benefits as he addressed the 6th BIMSTEC Summit here.

“Bangladesh has long nurtured the vision of open regionalism. We envision a region where all the countries and communities can engage based on equity, mutual respect, mutuality of interests and shared benefits,” he said.

The chief adviser said the BIMSTEC region hosts one-fifth of the global population while challenges abound, converting those challenges into opportunities holding considerable prospects for all.

“Many label our demography as a ‘challenge’. Yet, there are enough instances to illustrate the untapped ‘promises’ of our population,” he said.

In hosting the BIMSTEC Secretariat, he said, Bangladesh stands ready to unlock the vast potential of an organisation in a meaningful way.

About the potential of the BIMSTEC, Yunus said energy security is fundamental to the sustainable development and economic resilience of the BIMSTEC region.

“We must work together to harness our collective potential in renewable energy, cross-border electricity trade, and energy efficiency to ensure a secure and sustainable future for our people.”

Yunus said he is confident that the BIMSTEC Agreement on Grid Interconnection signed in 2018 can act as a launching pad for cooperation in the field of energy.

“As per our BIMSTEC commitment, we are committed to enhancing connectivity, improving mutual trade and economic collaboration among all member countries.”

He also said promoting trade and investment, facilitating movements of people particularly of the young boys and girls within the BIMSTEC is the key to enhancing the well-being of their people.

“Currently, intra-regional trade stands at just 5.9%. As the lead country in Trade, Investment and Development Sector, Bangladesh would urge all to materialise implementation of the BIMSTEC Framework Agreement on FTA that we signed way back in 2004, that will ultimately contribute towards better connectivity.”

The BIMSTEC Master Plan on Transport Connectivity was adopted at the fifth BIMSTEC Summit, the chief adviser said, adding that its timely implementation is crucial for the countries.

“Some of the countries have accomplished much bilaterally. In order to reap the benefits of effective regional economic integration and development, the regional measures need to be materialised.”

Bangladesh stands ready to extend all possible support for the implementation of the Master Plan, he added.

Yunus said the BIMSTEC Agreement on Maritime Transport Cooperation was signed on Thursday, which will certainly contribute towards enhanced connectivity within the BIMSTEC region, particularly with the landlocked member states and seven sisters of India.

Noting that the BIMSTEC has been in existence for 28 long years, he said to be candid, its impacts are not still felt across the member states and beyond.

He said signing and ratification of the Charter and formulation of the relevant Rules of Procedure has accorded the BIMSTEC processes and institutions considerable strength.

“Our civil society and private sector particularly stress the BIMSTEC to take up tangible and result-oriented initiatives, and projects amongst our countries.”

As Bangladesh assumes the BIMSTEC chairmanship, the chief adviser called upon all member states to extend their valued support in redeeming their collective commitments to revitalise the organisation.

“We need a genuinely shared sense of mutual confidence and mutuality of interests, rising above our differences and divergences. Whatever we undertake or do collectively, we need to be driven by impact and results.”

Yunus stressed rediscovering the modalities and institutions of regional and sub-regional collaboration under the BIMSTEC.

Addressing inequality of income and choices, balancing economy and ecology need to be overriding objectives in pursuing their sectoral cooperation, he said.

“While each of our countries pursue our national interests, we also need to appreciate the same of ‘others’ in the table in shaping and moving our wider cooperative agenda.”

In a fast-moving world, comparing the developments of the past decade seems a bit distant past, he said, adding many of long-held norms, regulations are giving in.

“I find institutions often struggling to meet people’s aspirations. In making our institutions fit-for-purpose, I have been advocating for an overhaul of the financial system as also launch innovative social businesses that would uphold dignity and ensure an individual’s security, not just augment wealth.”

He said, “Within and beyond the region, resources - capacities - solutions abound to address many of our endemic challenges, like climate change.

“As much as we facilitate knowledge and technology amongst our seven countries, let us also open up to the world – the governments, the knowledge institutions, foundations, private sector – who would share our values and appreciate our needs.”

Thai Prime Minister and Chairperson of the Summit Paetongtarn Shinawatra, BIMSTEC Secretary General Ambassador Indra Mani Pandey and distinguished heads of delegations from the BIMSTEC member states were present on the occasion.