Prime Minister Narendra Modi underlined the need for improved regional cooperation and security amid the geopolitical developments in Europe. "Recent developments in Europe have raised question mark over stability of international order… With our region facing challenges of health and economic security, the need of the hour is unity and cooperation," Modi said while virtually addressing the fifth summit that is being held in Sri Lanka.
Speaking at the BIMSTEC Summit. https://t.co/6ffhno70HR
— Narendra Modi (@narendramodi) March 30, 2022
He said that “better integration, better trade, better people to people contact, better connectivity” must be the thrust among the seven member BIMSTEC block.
Noting that the region now faces unprecedented challenges related to health and economic security, Prime Minister, it is imperative to move forward on the BIMSTEC-Free Trade Agreement proposal.
The ongoing summit will adopt the 'BIMSTEC Charter' which will give shape to the basic institutional framework.
Also read: BIMSTEC rises to meet post-Covid challenge with new roadmap for growth
Modi also said the results of this landmark summit will write a golden chapter in the history of BIMSTEC. The Prime Minister said that India is ready to provide $1 million with the aim of augmenting the operational budget of the BIMSTEC secretariat.
Besides India, BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation comprises, Bangladesh, Bhutan, Nepal, Sri Lanka in South Asia and Myanmar and Thailand in Southeast Asia.
"Today is the time to make Bay of Bengal bridge of connectivity, bridge of prosperity, bridge of security," Modi said.
“The Covid pandemic has highlighted the need to expand regional cooperation, especially countries that share borders. It has given us a chance to revisit our regional strategy.. how effectively we fight back in the post pandemic phase will largely depend on our cooperation and even flexibility,” Nazneen Ahmed, Country Economist at United Nations Development Programme (UNDP), Bangladesh told India Narrative.
The BIMSTEC region is home to about 1.5 billion people — 22 per cent of the world’s population. While the regional bloc has been a slow starter– it started in 1997—it was somewhat gained momentum in 2018.
External affairs minister S Jaishankar is in Colombo to attend the summit in person.
The Russia-Ukraine conflict preceded by the Covid 19 pandemic that crippled global economy have brought the focus back on the importance of regional cooperation.
Thailand will later take over as BIMSTEC's chair nation.
