The third Bay of Bengal Economic Dialogue 2024 concluded with Bangkok Declaration that underscores the critical need for enhanced regional integration and cooperation among BIMSTEC member states.
The South Asian Network on Economic Modeling (SANEM) organied the Third Bay of Bengal Economic Dialogue 2024.
It highlights the significant economic potential of the Bay of Bengal region and the importance of addressing global challenges such as climate change, trade barriers and geopolitical tensions through collective efforts.
Held at Chulalongkorn University, Bangkok, this event was attended by over 100 senior scholars, experts, and stakeholders from across the Bay of Bengal region, including Bangladesh, India, Bhutan, Myanmar, Nepal, Sri Lanka, and Thailand, to discuss pressing regional issues under the theme “The New World Order and BIMSTEC: Curtain Raiser to the Sixth BIMSTEC Summit.”
The declaration calls for stronger governance, transparency and civil society engagement to ensure economic and social stability. It also emphasizes the necessity of advancing transport, investment, trade, logistics, energy and digital connectivity to foster regional growth.
The document advocates for comprehensive measures to promote gender equality in trade policies and support women-led entrepreneurship.
To achieve these goals, the declaration recommends strengthening the BIMSTEC Secretariat with adequate funding and resources, establishing a BIMSTEC Development Fund and enhancing cooperation with financial institutions like AIIB and NDB.
Since its inception in 1997 in Bangkok, BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) has played a crucial role in fostering economic and technical cooperation among its member states.
The Third Bay of Bengal Economic Dialogue serves as a curtain raiser to the Sixth BIMSTEC Summit, set to take place later this year.
Organized by SANEM in collaboration with Chulalongkorn University, the Institute of Trade and Development (ITD), and The Asia Foundation (TAF), the dialogue aimed to address the new world order's challenges and explore pathways for enhanced regional integration and cooperation.
The event featured six insightful sessions and a special session, each focusing on critical aspects relevant to the region.
The highlight of the conference was the Valedictory Session, where Professor Selim Raihan read out the Bangkok Declaration.
The declaration was ceremoniously handed over to Tshewang Dorji T, Director of Environment and Climate Change at the BIMSTEC Secretariat in Dhaka, Bangladesh.
