BIMSTEC, or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is a grouping of countries in South Asia and South East Asia – Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.
“Finalising a regional FTA in phases, which would lead to quicker implementation and promote investment, job creation, technology partnerships, and services,” the industry body said.
Promoting a more favourable business climate between members which could include easing FDI restrictions across most sectors, improving ease of doing business, automation and integration of all relevant customs agencies into a unified system, and refining governance on dispute resolution, labour, IPR and innovation.
It highlighted that the participation of industry in the region has so far been subdued and notable engagements on a regional basis have not been held regularly.
A strong recommendation of the paper is that BIMSTEC must together add more areas of cooperation to its ambit. Key suggestions are to expand skill development to leverage the young workforce, evolve methodologies for e-commerce cooperation, boost digital public infrastructure and digital access, and foster women-led development. All of these can be disseminated via best practices followed by member countries, such as women’s participation in economic development in Bangladesh, e-commerce in Thailand, and digital public infrastructure in India.“India, Sri Lanka and Thailand can offer joint beach experiences, while the rivers of Bangladesh, Nepal and India can be promoted for cruises along historical sites,” CII said.A concerted effort to convene industry on government-to-government initiatives and policies can boost business cooperation and help to integrate the region into strategic value chains for the benefit of global value chains, according to the study.
It also suggested fast-tracking the BIMSTEC Transport Connectivity Working Group (BTCWG) for implementation of the BIMSTEC Master Plan for Transport Connectivity as soon as possible.