Policy Brief on BIMSTEC Regional Value Chains and Connectivity
Citation: De, P. (2024). “Regional Value Chains and Connectivity in BIMSTEC”. SANEM-The Asia Foundation Policy Brief. November 2024. SANEM Publications. Dhaka.
This study explores the state and potential of regional value chains and connectivity within BIMSTEC. While BIMSTEC has significant trade potential due to its strategic location and economic complementarities, much remains unrealized. Recent developments, including the BIMSTEC Charter entering into force in May 2024, progress on various agreements, and ongoing challenges such as the Red Sea crisis, port congestion, and rising freight rates are affecting value chains. Key recommendations from this study include- prioritizing trade facilitation, and digital cooperation, strengthening the BIMSTEC Secretariat, and implementing paperless trade measures. The study emphasizes that while some progress has been made since the 2022 Summit, the region needs a further push to scale up integration, with a particular focus on reducing non-tariff barriers, streamlining regulatory frameworks, and harmonizing standards.