On September 16, 2024, Bangladesh's Foreign Affairs Adviser, Md Touhid Hossain, reiterated the nation's commitment to the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). He emphasized the need for result-oriented cooperation among member states during a ceremony marking the 10th anniversary of the BIMSTEC Secretariat. Secretary General Indra Mani Pandey highlighted the evolving role of the Secretariat, which was established in September 2014 to facilitate regional collaboration among its seven member countries: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. The recent meeting of the Eminent Persons’ Group (EPG) from September 10-12, 2024, focused on discussing future directions for BIMSTEC and included recommendations for reforming the organization to enhance its effectiveness in addressing regional challenges. The EPG's report underscores the importance of cooperation in key areas such as agriculture, connectivity, and trade, which are vital for the economic growth of the region. [2ba617c6]
In a related context, the Central Bank Governor of Sri Lanka, P. Nandalal Weerasinghe, has previously highlighted the significant benefits Sri Lanka has derived from the support of SAARC countries, particularly Bangladesh and India. He emphasized the importance of financial cooperation and long-term investment flows in tackling the socio-economic challenges faced by Sri Lanka. Weerasinghe also pointed out the impact of the COVID-19 pandemic on the global economy, advocating for regional cooperation to sustain economic growth in South Asia. Intra-regional trade within the SAARC region has been on the rise, with agreements such as the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation and the Indian Ocean Rim Association aimed at enhancing regional economic partnerships. [a2dfa08c]
The evolving dynamics between India and Bangladesh also play a crucial role in regional cooperation. Recent discussions have focused on improving bilateral relations and addressing historical challenges, including water sharing and border disputes. The leaders of both countries have taken positive steps towards completing infrastructure projects and increasing trade, which are essential for fostering closer ties. Bangladesh's economic growth has been notable, yet it continues to face challenges such as poverty and vulnerability to natural disasters. Strengthening cooperation between India and Bangladesh is seen as vital for countering external influences and promoting stability in the region. [79aa84cb]