The upcoming Bimstec summit in Bangkok from April 2-4 aims to establish a maritime transport agreement to enhance trade between Indian ports and those of Myanmar-Thailand. This agreement will strengthen connectivity between South Asia and Southeast Asia through the Bay of Bengal, benefiting member states by fostering relations in merchant shipping and maritime transport. The goal is to boost regional economic and commercial ties, as highlighted by an official ahead of the summit.
Indian Prime Minister Narendra Modi will lead the Indian delegation at the summit, marking his second visit to Thailand since 2019. Under Thailand’s chairmanship, Bimstec is working towards a vision of a “Prosperous, Resilient, and Open” region by 2030, known as ‘PRO Bimstec’. India’s focus on Bimstec comes as Saarc faces challenges, making it a key platform for promoting security and cooperation in the Bay of Bengal region.
The summit will also strive to finalize a free trade agreement that has been under negotiation since 2004. This agreement is expected to significantly boost intra-regional trade among Bimstec member nations. Minister of Commerce and Industry Piyush Goyal emphasized the need for member nations to reassess their trade negotiation priorities to expedite the finalization of the long-pending FTA. The Bangkok summit could mark a significant step towards the adoption of the FTA, enhancing economic cooperation within the region.
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