Policy Brief on BIMSTEC Regional Value Chains and Connectivity
Citation: De, P., (2024). BIMSTEC Regional Value Chains and Connectivity. SANEM Publications. Dhaka.
BIMSTEC or “Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation” was set up in 1997 to foster economic and social development among member countries, namely, Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. Its significance lies in the fact that it serves as the direct linkage between South Asian and Southeast Asian countries through intra-regional collaboration between the Association of South East Asian Nations (ASEAN) and the South Asian Association for Regional Cooperation (SAARC). The BIMSTEC is a viable alternative to SAARC, which has been in a state of deadlock for quite some time.
The geographical contiguity, abundant natural and human resources, rich historical linkages, and shared cultural heritage are some of the unique advantages that BIMSTEC enjoys. BIMSTEC shares high trade potentials and economic complementarities, but mostly unrealised. Not only is it an energy hotspot, but BIMSTEC’s strategic location is also a great asset in the Indo-Pacific. Greater regional cooperation and integration offer immense opportunities for BIMSTEC.
