Thailand Proposes Free Trade Area at BIMSTEC Summit
Leaders from seven nations convene in Bangkok to enhance economic collaboration and address regional challenges.
Thailand has proposed the establishment of a BIMSTEC free trade agreement (FTA) to facilitate enhanced intra-regional trade and improve economic conditions among its member states.
This proposal was set forth by Prime Minister Paetongtarn Shinawatra during the sixth BIMSTEC summit held in Bangkok.
The summit convened leaders from India, Nepal, Bhutan, Sri Lanka, Myanmar, Bangladesh, and Thailand at the Shangri-La Hotel to deliberate on strategies aimed at strengthening ties and fostering collaboration in economic, environmental, and technological domains.
BIMSTEC, which stands for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, comprises nations that collectively represent nearly a quarter of the global population.
The participating countries agreed to enhance economic integration through improved trade and transport links.
In her opening remarks, Prime Minister Paetongtarn extended condolences to the victims of a recent earthquake in Myanmar, which also had repercussions in Thailand.
She emphasized the need for solidarity in the face of regional calamities and highlighted the importance of resilience alongside economic growth.
The summit was the first in-person meeting in seven years, reflecting a renewed focus on regional cooperation.
Other leaders present included India's Narendra Modi, Bangladesh's interim leader Muhammad Yunus, Sri Lankan Prime Minister Harini Amarasuriya, Nepal's KP Sharma Oli, Bhutan's Tshering Tobgay, and Myanmar's Min Aung Hlaing.
The latter made a rare international appearance amidst ongoing conflict in his country.
During the summit, the leaders endorsed "Vision Bangkok 2030," a framework aimed at improving economic connectivity, addressing climate change, and preparing for shared regional challenges affecting over 1.8 billion people.
One central element of the proposed FTA is the hope to increase the current intra-regional trade, which is only 6% of total trade among BIMSTEC countries.
Prime Minister Paetongtarn stated, "This FTA will unlock the economic potential of the region, creating new opportunities for all our nations." Additionally, Thailand reaffirmed its commitment to major infrastructure projects, including a proposed land bridge connecting Thailand, Myanmar, and India, despite delays caused by the recent earthquake.
The summit also navigated discussions on environmental sustainability and healthcare, with the Thai premier advocating for the development of digital infrastructure and the implementation of advanced technologies like Artificial Intelligence (AI) to address climate-related issues and pandemics.
A proposal to create a "Center of Excellence for Tropical Medicine" within BIMSTEC was put forward to cater to the specific healthcare needs of the region's countries.
Furthermore, Prime Minister Paetongtarn supported an Indian initiative to establish a BIMSTEC disaster management center, aimed at enhancing regional capabilities for disaster response, particularly pertinent in light of the recent earthquake in Myanmar.
Concurrent protests against Myanmar's military leadership occurred near the summit venue, with demonstrators expressing discontent towards Min Aung Hlaing.
Despite these protests, Prime Minister Paetongtarn maintained a focus on cooperation and dialogue among member states, prioritizing economic and social collaboration while acknowledging political disparities.
The discussions at the summit also included serious issues such as transnational crimes, including human trafficking and drug trafficking, emphasizing a collective approach to ensuring stability in the region.
Additionally, the importance of youth engagement and gender equality was underscored as critical for sustainable progress in the region.
Thailand proposed to establish a BIMSTEC business advisory council to enhance the involvement of small and medium enterprises (SMEs) in future growth initiatives.
A total of six agreements were signed during the summit, including one focused on maritime transport cooperation to enhance connectivity between South and Southeast Asia and another on disaster prevention.
BIMSTEC leadership will now transition to Bangladesh, which is set to host the next summit, where the group aims to further advance its commitment to a more integrated and resilient South and Southeast Asia.
This proposal was set forth by Prime Minister Paetongtarn Shinawatra during the sixth BIMSTEC summit held in Bangkok.
The summit convened leaders from India, Nepal, Bhutan, Sri Lanka, Myanmar, Bangladesh, and Thailand at the Shangri-La Hotel to deliberate on strategies aimed at strengthening ties and fostering collaboration in economic, environmental, and technological domains.
BIMSTEC, which stands for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, comprises nations that collectively represent nearly a quarter of the global population.
The participating countries agreed to enhance economic integration through improved trade and transport links.
In her opening remarks, Prime Minister Paetongtarn extended condolences to the victims of a recent earthquake in Myanmar, which also had repercussions in Thailand.
She emphasized the need for solidarity in the face of regional calamities and highlighted the importance of resilience alongside economic growth.
The summit was the first in-person meeting in seven years, reflecting a renewed focus on regional cooperation.
Other leaders present included India's Narendra Modi, Bangladesh's interim leader Muhammad Yunus, Sri Lankan Prime Minister Harini Amarasuriya, Nepal's KP Sharma Oli, Bhutan's Tshering Tobgay, and Myanmar's Min Aung Hlaing.
The latter made a rare international appearance amidst ongoing conflict in his country.
During the summit, the leaders endorsed "Vision Bangkok 2030," a framework aimed at improving economic connectivity, addressing climate change, and preparing for shared regional challenges affecting over 1.8 billion people.
One central element of the proposed FTA is the hope to increase the current intra-regional trade, which is only 6% of total trade among BIMSTEC countries.
Prime Minister Paetongtarn stated, "This FTA will unlock the economic potential of the region, creating new opportunities for all our nations." Additionally, Thailand reaffirmed its commitment to major infrastructure projects, including a proposed land bridge connecting Thailand, Myanmar, and India, despite delays caused by the recent earthquake.
The summit also navigated discussions on environmental sustainability and healthcare, with the Thai premier advocating for the development of digital infrastructure and the implementation of advanced technologies like Artificial Intelligence (AI) to address climate-related issues and pandemics.
A proposal to create a "Center of Excellence for Tropical Medicine" within BIMSTEC was put forward to cater to the specific healthcare needs of the region's countries.
Furthermore, Prime Minister Paetongtarn supported an Indian initiative to establish a BIMSTEC disaster management center, aimed at enhancing regional capabilities for disaster response, particularly pertinent in light of the recent earthquake in Myanmar.
Concurrent protests against Myanmar's military leadership occurred near the summit venue, with demonstrators expressing discontent towards Min Aung Hlaing.
Despite these protests, Prime Minister Paetongtarn maintained a focus on cooperation and dialogue among member states, prioritizing economic and social collaboration while acknowledging political disparities.
The discussions at the summit also included serious issues such as transnational crimes, including human trafficking and drug trafficking, emphasizing a collective approach to ensuring stability in the region.
Additionally, the importance of youth engagement and gender equality was underscored as critical for sustainable progress in the region.
Thailand proposed to establish a BIMSTEC business advisory council to enhance the involvement of small and medium enterprises (SMEs) in future growth initiatives.
A total of six agreements were signed during the summit, including one focused on maritime transport cooperation to enhance connectivity between South and Southeast Asia and another on disaster prevention.
BIMSTEC leadership will now transition to Bangladesh, which is set to host the next summit, where the group aims to further advance its commitment to a more integrated and resilient South and Southeast Asia.
