The international agricultural research center, IFPRI, has sought to address the intra-regional trade gaps among the seven member states of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec).
Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are the members of Bimstec.
Established in 1997, Bimstec serves as a vital bridge between South and Southeast Asia, representing nearly 1.5 billion people.
But the intra-regional trade among Bimstec countries remains low, at just 5%, according to IFPRI. It is 35% among Asean nations and 60% within the European Union.
The region holds vast potential for growth and economic integration, but faces significant challenges in areas such as food security, climate change, and regional trade.
The IFPRI ran a four-year project titled “Regional Trade and Agricultural Transformation in the Bay of Bengal Countries” that sought “to address these gaps by advancing data-driven insights and promoting regional cooperation.”
A dissemination event on the initiative was held on October 3-4 in Bangkok.
This initiative, launched in 2020 with support from the Bill and Melinda Gates Foundation, has focused on enhancing trade linkages and fostering sustainable agricultural transformation across Bimstec’s member states.
Throughout the project, IFPRI’s integrated approach focused on three main linkages—economic, social, and environmental—while recognizing the importance of domestic and external factors that affect regional cooperation.
A flagship achievement was the development of the Bimstec Agricultural Trade Monitor Plus (BATM+), which offers real-time, disaggregated trade data to support informed decision-making on agri-food trade.
By improving data access and enhancing research capabilities, the project aimed to contribute to more effective agricultural transformation across the region.
President of the Agricultural Economics Research Association (AERA - India) Dr PK Joshi, Deputy Head and Senior Economic Affairs Officer at UNESCAP-South and South-West Asia Dr Rajan Sudesh Ratna, Special Advisor to the Assistant Director-General and Regional Representative at the FAO’s Asia-Pacific Regional Office Robert Simpson, Joint Secretary (Bimstec and Saarc) at India’s Ministry of External Affairs CSR Ram, Secretary General of Bimstec Indra Mani Pandey, and Ambassador of Bangladesh to Thailand Faiyaz Murshid Kazi spoke at the event, among others.
