Kathmandu, August 3

Minister of Foreign Affairs Pradeep Kumar Gyawali said the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation was a vibrant bridge between South Asia and South East Asia, and had opened the door for numerous possibilities and opportunities in the regions for collective prosperity and development.

Nepal is scheduled to host the fourth BIMSTEC Summit in Kathmandu on August 30 and 31. Addressing the Pre-BIMSTEC Summit High Level Consultative Meeting organised in Kathmandu yesterday, he said that BIMSTEC, which encompasses a group of seven member states — five from South Asia and two from South East Asia — were still facing numerous challenges and lagging behind in most fronts be it economic prosperity, social progress or scientific advancement. Poverty, including extreme poverty, is still rampant.

In this background, the establishment of BIMSTEC, with the objectives of rapid economic growth and social progress, has provided a hope and optimism for regional prosperity and welfare of the peoples of the region,” he remarked.

Minister Gyawali said the purpose of BIMSTEC was not only to bridge the governments of the member states but also to link the people of this region. “Trade, investment, tourism, poverty alleviation, energy, transport and communication, climate change are some of the areas of co-cooperation that directly touches the life of the people. We do believe that connectivity is the most crucial areas of cooperation in BIMSTEC region. It is an obvious fact that connectivity brings people together and fosters better understanding and affinity. As a result, a conducive environment for cooperation and partnership between and among the people of the region will be created. This will ultimately cement regional bonds,” he said.

According to Gyawali, the effectiveness of regional cooperation depends on how well the member states are connected to each other. It has direct bearing on tourism, trade and industrialisation and their overall relations. In today’s world, connectivity encompasses not only physical but also digital and human dimensions. It is both means and ends with regard to development and prosperity of the peoples of the region.

“In view of the huge regional economy, we have enormous potential of intra-regional trade. But the trade volume within the BIMSTEC region is below four per cent. If we compare it with other regions- like EU and ASEAN, it is meager. Against this backdrop, we need to ensure smooth and hassle-free trade among the member states. To achieve this objective, negotiations on BIMSTEC Free Trade Area Agreement are under way, along with other various constituent agreements related to it,” he stressed.

Gyawali said the progress of BIMSTEC in the energy sector was also noteworthy. “The Memorandum of Understanding on the BIMSTEC Trans-Grid Connectivity has been finalised and is ready for signing. I do hope that this will pave the way to work further to promote energy cooperation within the region,” he informed.