Fourth BIMSTEC Summit Kicks Off

Connectivity, key enabler of regional cooperation: PM Oli

Kathmandu, Aug. 30: 

Prime Minister KP Sharma Oli has said that the success of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) would depend on integrated markets, integrated economies and an atmosphere of confidence for level playing field for all the member states, including the landlocked and least developed countries in the region.

“Trade is an engine for economic growth,” he said while delivering opening speech at the Fourth BIMSTEC Summit 2018, here on Thursday.

He stressed on lesser barriers and greater trade facilitations, smooth and uninterrupted transit arrangements, increased flow of goods and services and scaling up of investment among the BIMSTEC countries to make the organisation a success.

The Prime Minister expressed concerns over the nominal intra-regional trade.

“It is unfortunate that we trade little within the region. An early conclusion of the agreements on trade in goods and services, investment, mutual assistance in customs matters, dispute settlement and trade facilitation is the need of hour to enable BIMSTEC to effectively move forward,” he said.

PM Oli said that the region’s success would depend on honest and time-bound implementation of all the instruments that the members signed.

“The world is watching our gathering here today with keen interest. Since it’s a region with 1.6 billion people representing 22 per cent of world population and 2.8 trillion US Dollars economy, our vision, commitment and action will have an impact on global political and economic order. We have assembled here with a solemn commitment to making the Bay of Bengal region peaceful, prosperous and sustainable,” he said.

The 21 year old regional mechanism has seven members – Bangladesh, Bhutan, India, Myanmar, Nepal, Thailand, Sri Lanka.

PM Oli termed connectivity as a key enabler for robust regional cooperation.

“Connectivity -in physical and digital sphere; connectivity of infrastructures and industries; connectivity of markets and minds can unleash multiplier effects igniting innovation; spurring growth; and propelling progress,” he said.

“We need to intensify our investments in the cross-regional transport networks. Better connectivity of roads, railways, airways, waterways will unlock our full potential. It can promote meaningful cooperation in trade and investment, energy, tourism and technology transfer,” he added.

Oli said that an early adoption of the draft BIMSTEC Master Plan on Transport Connectivity and timely conclusion of transport related regional instruments would help advance our cooperation in this critical area.

He also urged the member nations to adopt a charter of the organisation in order to provide it a solid legal foundation.

According to him, the South Asian Association of Regional Cooperation (SAARC) and BIMSTEC are not the substitute.

“Nepal stands for meaningful regional cooperation. We believe that SAARC and BIMSTEC do not substitute but complement each other. We are also committed to advancing the sub-regional cooperation under BBIN,” he said.

He also said that the success of BIMSTEC would be judged by outcomes it delivers.

A strong political will coupled with right mix of policies, institutions and resources can ensure the success of BIMSTEC, he stated.

This unique platform of BIMSTEC, not only connects our countries, but also connects South Asia with South-East Asia. It connects mountains with oceans, reinforcing ecological interdependence, he said.

According to PM Oli, the regional mechanism is not just a sum of its parts, or sum of the member states, it is also an idea. An idea that deeper integration can unleash the economic dynamism and address the development needs of countries and peoples, and an idea to accelerate social progress and promote collaboration and partnership.

“It can be also an Identity- an identity rooted in rich civilizational heritage, an identity founded on shared values, an identity shaped by common understanding, and an identity based on the unity in diversity,” he said.

“It is also a Destiny- a destiny ordained by the organic linkage of ecosystem between high mountains and deep seas, a destiny shaped by contiguous geography as well as potential of robust people-to-people contacts,” he further added.

He said that the group had a promising potential –with a plethora of opportunities; with rich natural resources, and dynamic and vibrant populations.

He called for the alleviation of poverty in order to lead the region in the path of progress.

“We must liberate our people from the clutches of poverty, the brutal clutches that drag us in a vicious cycle of deprivation – inhumane, unjust and malign – that drains our potential and ridicule our efforts as well as intentions,” said Oli.

He urged the member countries for the full implementation of the BIMSTEC Poverty Plan of Action and suggested leave no one behind while accelerating the economic development.

According to him, disproportionate consequences of climate change have adversely impacted the region. Calamities such as landslides and floods have caused colossal loss.

“To face this challenge, what we need is collective preparedness to prevent the perils of such calamities. We also need to intensify collaboration to adapt to and mitigate the menace of climate change based on the Principle of Common but Differentiated Responsibility and Respective Capabilities,” he said.

Published in The Rising Nepal daily on 31 August 2018.