Foreign Minister AK Abdul Momen on Tuesday called for renewing joint efforts at building a "more effective and smarter" Bimstec, as a result-oriented regional organization.
"The 5th Bimstec Summit would revitalize the Bimstec process with a stronger political commitment and substantive directives and guidance of our leaders to chart the future trajectory of the Bimstec towards a higher level," he said.
Foreign Minister Momen, who led the Bangladesh delegation, was speaking at the 18th ministerial meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) in the Sri Lankan capital city on eve of the fifth Bimstec Summit scheduled for March 30.
Secretary (East) Mashfee Binte Shams, Additional Foreign Secretary (Saarc and Bimstec) Md Shamsul Haque, Foreign Service Academy Rector Asad Alam Siam, High Commissioner of Bangladesh to Sri Lanka Tareq Md Ariful Islam, Director (Saarc and Bimstec) Md Aminul Islam Khan, Director (FMO) Md Emdadul Islam Chowdhury, among others, joined as Bangladesh delegation members.
Sri Lanka's foreign minister and chairperson of the 18th Bimstec ministerial meeting delivered opening remarks highlighting the enormous potential that Bimstec holds in vast areas and laid emphasis on stronger cooperation for the benefit of the whole region.
Indian External Affairs Minister S Jaishankar led the Indian delegation at the meeting.
Security and stability
Momen said Bangladesh is committed to the security and stability of the region within the framework of the Bimstec Convention on Counter-Terrorism and Transnational Crime and the annual Consultation Mechanism of the Bimstec National Security Advisors Forum.
"I am happy to note that our leaders will be approving and watching the signing of the Bimstec Convention on Mutual Legal Assistance in Criminal Matters at the 5th Bimstec Summit tomorrow (Wednesday)," he said.
The foreign minister said the senior officials’ meeting held on Monday recommended some important documents for consideration and onward recommendation to the Summit.
"Bimstec Charter is one of them which will place the organization’s activities on a more structured and rule-based platform," Momen said.
Connectivity
Adoption of the Bimstec Master Plan on Connectivity will be a milestone development, he said, adding that it will allow Bimstec to undertake multi-modal connectivity projects linking the members and facilitating integration in the Bay of Bengal Region.
The master plan will also expedite the conclusion of the proposed Bimstec Framework Agreement on Transit, Transshipment, and Vehicular Movement; and Bimstec Agreement on Motor Vehicle and the proposed Bimstec Agreement on Coastal Shipping to Bimstec Agreement renamed as Bimstec Maritime Transport Cooperation proposed by India, said the foreign minister.
Once implemented, these agreements will pave the way for an enhanced level of Bimstec cooperation, he said.
Energy is another important sector, Momen said, adding that they already concluded Energy Grid Connection Agreement during the fourth Bimstec Summit.
"The technical committees have been working to carry forward the implementation process. I note with happiness the proposed partnership of Bimstec with the ADB to formulate a Bimstec Master Plan on Grid Connectivity," he mentioned.
Trade and investment
Momen said they need to pursue the promotion of trade and investment cooperation under Bimstec.
Operationalization of the Bimstec FTA can boost intra-trade volume among the Bimstec region to 21% from the existing 7%, he said.
The 20th meeting of Bimstec Rules of Origins was hosted by Bangladesh updated texts of two important documents; the Bimstec Agreement on Trade in Goods and the Bimstec Rules of Origins.
Another round of meetings scheduled in April is expected to finalize the two documents.
"Once adopted, tariff-free trade can start operation. We need to expedite the process together," the foreign minister said.
The progress made in Trade and Investment, Transport Connectivity, and Energy Sector, the three core driving forces of Bimstec Cooperation, are indeed noteworthy, he added.
He also highlighted the importance of pursuing common projects, programs of action, and activities by sharing member states’ resources, best practices, for collective benefits.
Highlighting Bangladesh's progress in various areas, he said the country fulfilled eight of 17 SDGs. "We are now on the right track to achieve other goals of Agenda 2030."
He informed the meeting that Bangladesh managed the Covid-19 crisis successfully and vaccinated maximum population.
"Our foreign currency reserve is almost closer to $50 billion. We are now ready to address the Post-Graduation and post Covid-19 challenges. We want to leverage the Bimstec platform towards achieving these goals and objectives," Momen said.
Sri Lanka is hosting the fifth Bimstec Summit in hybrid mode with the theme “Bimstec Towards a Resilient Region, Prosperous Economies and Healthy Peoples.”
Sri Lankan President Gotabaya Rajapaksa will formally inaugurate the Summit in which Prime Minister Sheikh Hasina will join virtually from Dhaka.