BIMSTEC: Raise the stakes of BIMSTEC markedly

The 2-day Bimstec (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) foreign ministers’ retreat in New Delhi last week, the first since the group’s charter came into effect in May, should result in an actionable roadmap knitting the seven member countries – India, Sri Lanka, Bangladesh, Myanmar, Thailand, Nepal and Bhutan – into an effective economic grouping. Being the largest economy, India must play a leadership role by leveraging its economy and strengths of each partner to deliver on the promise of engagement. S Jaishankar underlined this fact when he said that Bimstec should harbour higher aspirations, and that it should infuse new energies and resources, and a fresh commitment to bolster cooperation among the BoB countries.

India’s traditional ambivalence toward taking the lead has allowed China to expand its influence. But trade among these seven economies has grown from 5.5% in 2010 to 7.2% in 2018. Yet, it remains woefully low compared to intra-Asean trade (25%). The priority must be increasing intra-Bimstec trade and filling the growing infrastructure investment gap – about $120 bn annually.

New Delhi’s role in enhancing trade volumes with Bimstec constituents and reducing trade barriers among member countries is crucial. Facilitating agricultural trade while ensuring domestic food security and improving connectivity, particularly of clean energy, is paramount. India’s rapidly growing RE sector can be a game-changer. By leveraging this sector, it can establish a cross-border energy infrastructure grid that addresses the group’s concerns about energy security, clean energy transition and sustainable economic growth. India’s aim should, indeed, be ‘solid outcomes and practical collaborations’.