A NEW PUSH IN THE BAY OF BENGAL

THE CONTEXT: India hosted the 2nd BIMSTEC Foreign Ministers’ Retreat, providing an informal platform for member states to discuss enhancing cooperation in security, connectivity, trade, and investment within the Bay of Bengal region. This retreat served as a preparatory step for the upcoming sixth BIMSTEC summit, where leaders are expected to sign the BIMSTEC Agreement on Maritime Transport Cooperation, aiming to improve regional connectivity.

 THE POTENTIALS:

• Enhanced Regional Connectivity: The forthcoming BIMSTEC Agreement on Maritime Transport Cooperation aims to improve regional connectivity, a foundational goal of BIMSTEC. This agreement is expected to facilitate more efficient maritime transport among member states, promoting trade and economic integration.
• Sectoral Centers of Excellence: Member states proposed establishing Centers of Excellence focusing on Agriculture, Disaster Management, and Maritime Transport. These centers aim to enhance capacity building and share best practices within the region.
• Health Initiatives: India announced support for cancer research and treatment, including issuing e-visas for patients from BIMSTEC states. Sri Lanka proposed expanding this initiative to include kidney disease, highlighting the importance of collaborative health initiatives.
• Private Sector Involvement: The retreat emphasized the need for greater private sector involvement in trade and promoting young entrepreneurs. This approach aims to boost economic growth and innovation within the region.
• Blue Economy Cooperation: Bangladesh highlighted the need for cooperation in the Blue Economy, urging member states to ban fishing during the breeding season to address the problem of depleting fish stocks in the Bay of Bengal. This initiative aims to promote sustainable fishing practices and marine resource management.
• Tourism and Cultural Exchanges: Bhutan emphasized the importance of collaboration in tourism and cultural exchanges. Such initiatives can foster excellent people-to-people connectivity and mutual understanding among BIMSTEC member states.

Concerns:

• Non-Traditional Security Threats: Thailand and Myanmar underscored the need for cooperation in non-traditional security domains, including combating online scams and cyber-security threats. These issues pose significant challenges to regional stability and require collective action.
• Illegal Trafficking: The retreat highlighted the importance of countering the trafficking of narcotics and illicit arms. This concern is critical for maintaining security and stability within the region.
• Resource Mapping and Integration: Sri Lanka stressed the need to map abundant mineral resources in BIMSTEC countries and create opportunities for vertical integration of production stages within specific sectors. This approach aims to diversify the production structures of member economies but requires significant coordination and investment.
• Regional Instability: The ongoing instability in Myanmar, including the military junta’s conflicts with Ethnic Armed Organisations (EAOs), poses challenges to regional cooperation and connectivity projects. This instability threatens the progress of BIMSTEC initiatives.

THE WAY FORWARD:

• Trade and Investment: The BIMSTEC Free Trade Area (FTA) negotiations are ongoing. Intra-regional trade within BIMSTEC remains low at around 7%, compared to ASEAN’s 25%. Accelerating the finalization of the FTA and implementing strategic initiatives can drive sustainable development and regional stability.
• Project-Based Cooperation: The BIMSTEC Master Plan for Transport Connectivity, adopted in 2022, includes 267 transport projects worth approximately $47 billion. These projects aim to improve physical connectivity, trade facilitation, and human resource development.
• Financial Cooperation: Exploring financial cooperation mechanisms, such as currency swap arrangements, can mitigate exchange rate volatility. The BIMSTEC Trade Facilitation Strategic Framework 2030 aims for a 50% increase in mutual recognition agreements by 2025 and 100% by 2030.
• Connectivity: The BIMSTEC Master Plan for Transport Connectivity outlines a 10-year strategy to improve regional infrastructure, including roads, railways, and ports. About 60% of the 134 transport infrastructure projects are in the planning stage and require financing.
• Security Cooperation: The BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters fosters cooperation in tackling transnational crime. This agreement strengthens law enforcement capabilities by facilitating information sharing and evidence gathering.
• Countering China’s Influence: Strengthening ties with eastern neighbors is crucial to offset China’s growing regional presence. BIMSTEC provides an alternative platform for regional cooperation, reducing reliance on other regional organizations like SAARC.

THE CONCLUSION:

By implementing these data-driven strategies, BIMSTEC can unlock its full potential, ensuring equitable development and robust regional cooperation. This will strengthen India’s position and promote sustainable growth and security across the Bay of Bengal region.

UPSC PAST YEAR QUESTION:

Q. Do you think that BIMSTEC is a parallel organization like SAARC? What are the similarities and dissimilarities between the two? How are Indian foreign policy objectives realized by forming this new organization? 2022

MAINS PRACTICE QUESTION:

Q. Discuss the strategic importance of BIMSTEC for India in the context of regional cooperation and security.

SOURCE:

https://www.thehindu.com/opinion/op-ed/a-new-push-in-the-bay-of-bengal/article68449384.ece