Chief Adviser Professor Muhammad Yunus on Friday urged Bimstec to work together for mutuality of interests and shared benefits as he addressed the 6th Bimstec Summit.
“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,” the chief adviser said.
He said that the Bimstec region hosts one-fifth of the global population.
While challenges abound, converting these challenges into opportunities holds considerable prospects for all, he said.
“Many label our demography as a challenge. Yet, there are enough instances to illustrate the untapped promises of our population,” Yunus said.
In hosting the Bimstec Secretariat, he added, Bangladesh stands ready to unlock the vast potential of the organization in a meaningful way.
Highlighting the potential of Bimstec, Yunus said that energy security is fundamental to the sustainable development and economic resilience of the 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,” he said.
Yunus expressed confidence 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 fostering economic collaboration among all member countries,” he said.
He also said that promoting trade and investment, and facilitating movement of people—particularly young boys and girls—within Bimstec is key to enhancing the well-being of the region's people.
“Currently, intra-regional trade stands at just 5.9%. As the lead country in the Trade, Investment, and Development Sector, Bangladesh would urge all to materialize the implementation of the Bimstec Framework Agreement on FTA, which we signed way back in 2004. This will ultimately contribute towards better connectivity,” he said.
The Bimstec Master Plan on Transport Connectivity was adopted at the fifth Bimstec Summit, the chief adviser noted, adding that its timely implementation is crucial for member 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 materialized,” he said.
Bangladesh stands ready to extend all possible support for the implementation of the Master Plan, he added.
Yunus said that the Bimstec Agreement on Maritime Transport Cooperation was signed on Thursday.
He said that this will certainly contribute towards enhanced connectivity within the Bimstec region, particularly benefiting the landlocked member states and the seven sisters of India.
Noting that Bimstec has been in existence for 28 years, he acknowledged that, candidly, its impacts are not yet widely felt across the member states and beyond.
He said that the signing and ratification of the Charter and the formulation of relevant Rules of Procedure have accorded the Bimstec processes and institutions considerable strength.
“Our civil society and private sector, in particular, stress that Bimstec must take up tangible and result-oriented initiatives and projects among our countries,” the chief adviser said.
As Bangladesh assumes the Bimstec Chairmanship, he called upon all member states to extend their valued support in redeeming their collective commitments to revitalize the organization.
“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,” he said.
The chief adviser stressed the importance of rediscovering the modalities and institutions of regional and sub-regional collaboration under Bimstec.
Addressing income inequality and disparities in choices, and balancing the economy with ecology, need to be overriding objectives in pursuing sectoral cooperation, he said.
“While each of our countries pursue our national interests, we also need to appreciate those of others at the table in shaping and advancing our wider cooperative agenda,” Yunus said.
In a fast-moving world, comparing developments of the past decade feels increasingly distant, he said, adding that many long-held norms and regulations are evolving.
“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 and for launching 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, and solutions abound to address many of our endemic challenges, including climate change, the chief adviser said.
“As much as we facilitate knowledge and technology sharing among our seven countries, let us also open up to the world—to governments, knowledge institutions, foundations, and the private sector—who share our values and appreciate our needs,” he added.
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.
