KATHMANDU: Experts and stakeholders have underscored the need to focus on enhancement of connectivity among members of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) for better economic integration of member countries.
Speaking at a talk program on ´Economic Integration under BIMSTEC: Challenges and Prospects of Nepal´ organized by Institute of Foreign Affairs (IFA) in the capital, Minister for Foreign Affairs Mahendra Bahadur Panday said regional connectivity plays a key role in economic integration and development of BIMSTEC member countries.
Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal are the members of the sub-regional bloc formed in 1997 to link the ASEAN and SAARC.
“This sub-region is among the least connected in the world. For deeper economic integration, there should be connectivity at three levels: physical, software and people-to-people,” Minister Panday said.
“Physical connectivity includes transportation and infrastructure base which will facilitate the movement of goods and people, while the software connectivity includes supply chain, transit, custom and other facilitation. Easing of visa restriction and tourism promotion are crucial for people-to-people level connectivity,” added Minister Panday.
Former Secretary at the Ministry of Commerce and Supplies Purushottam Ojha also opined that enhancing intra-regional trade requires instruments of free trade area that can leverage trade potentials by reducing the barriers on trade and investment.
“This also requires intervention in a number of areas with a focus on increasing transport connectivity, removing non-tariff barriers, enhancing customs cooperation and investment cooperation to support cross-border flow of goods and investments,” said Ojha. “There should be concerted effort for creating linkages between capital markets and facilitating business visa and movement of people.”
Speakers of the program also underlined the need to implement the commitments made at 3rd BIMSTEC Summit held in Myanmar in March last year.
In the summit, BIMSTEC members had agreed to continue cooperation in areas of fishery, conservation and management, and sustainable use of marine resources in the Bay of Bengal region, enhance cooperation in environmental protection and sustainable development, and promote capacity building in the areas of disaster management and deepen cultural cooperation among member states, among others.
As the chair of the sub-regional body, Nepal plans to hold the 4th BIMSTEC Summit in 2018. Speaking at the program, Rishi Raj Adhikari, executive director of IFA, said time has come for Nepal to show its leadership and maturity to advance collective interests with greater collaboration, coordination and through enhanced integration.
