Editorial
BIMSTEC initiatives
Progress lies in collective endeavour
IT is only for the second time that the newly formed regional economic grouping has met at summit level, and it was worth repeating the essential message that has resonated during the recently concluded BIMSTEC summit in New Delhi recently -- that our progress lies in collective endeavour.
It is well to remember that the meeting has taken place in the backdrop of two very significant developments in the world, the global financial crisis and the global war on terrorism, both of which have directly or indirectly influenced most of the countries of BIMSTEC. The areas that the leaders have agreed to cooperate in reflect the international economic, financial and strategic realities.
While one saw the organisation become more inclusive by welcoming two new members in 1997, the new grouping has become more eclectic in terms of the region it represents as well as the areas of cooperation essential for the economic development of the region. For Bangladesh to suggest inclusion of global warming as an issue which, BIMSTEC should include in its list of areas of collaboration, is timely indeed.
There is an agreement on as many as 13 areas of cooperation, which include poverty alleviation and terrorism, as well as working jointly to tackle, among other things, the current financial meltdown and food and energy crisis. Of note is the decision to have Dhaka host the poverty alleviation centre, as well as setting up of a regional food bank.
We would like to see the decisions put into effect without delay. We take note of the fact that the meeting has decided to put into effect some of the decisions already, like holding of the second ministerial meeting on poverty alleviation in Nepal next year. It is encouraging also to note, according to the Chair of the Summit, that a convention on terrorism is all but prepared and ready to be signed.
What, however, remains is the completion of free trade agreement negotiations. An FTA, with the necessary safeguards for country like Bangladesh, will, hopefully, see a quantum leap in the intraregional trade which now remains around a meagre 5 percent of their international trade.
BIMSTEC has tremendous potential, most of all because it conjoins two regional groups. The experiences of all its members can be synergised for healthy development of the grouping through collective efforts.
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