The Bangkok declaration at the third Bay of Bengal Economic Dialogue has underscored the critical need for enhanced regional integration and cooperation among BIMSTEC member states.

The third Bay of Bengal economic dialogue concluded at Chulalongkorn University in Thailand on Friday with the Bangkok declaration, according to a press release. The South Asian Network on Economic Modelling (SANEM) co-hosted the conference with the participation of 100 senior scholars and stakeholders from different economies across the Bay of Bengal region.

The Institute of Trade and Development (ITD) and the Asia Foundation (TAF) are also partnering on the dialogue aimed at addressing the new world order's challenges and exploring pathways for enhanced regional integration and cooperation.

Participants from Bangladesh, India, Bhutan, Myanmar, Nepal, Sri Lanka, and Thailand discussed regional issues under the theme of ‘New World Order and BIMSTEC: Curtain Raiser to the Sixth BIMSTEC Summit’. 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 memberd.

The event featured six insightful sessions and a special session, each focusing on critical aspects relevant to the region. The sessions covered a variety of themes, including the new world order and global challenges, trade, investment, and connectivity, governance, people-to-people relations, breaking barriers for future cooperation, trade and gender, and preparations for the upcoming BIMSTEC Summit.

Based on the discussions that took place at the two-day conference, this pivotal document encapsulates the collective commitments and strategic directions for the future of BIMSTEC. The declaration was ceremoniously handed over to Tshewang Dorji T, Director at BIMSTEC Secretariat in Dhaka, Bangladesh.

In the Bangkok Declaration, SANEM Executive Director Dr Selim Raihan highlighted the significant economic potential of the Bay of Bengal region and the importance of addressing global challenges.

“We need a collective approach for 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,” he said.

The declaration calls for stronger governance, transparency, and civil society engagement to ensure economic and social stability. 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.

The declaration also advocated for the creation of a BIMSTEC Technology Bank for implementing integrated scholarship programmes and the promotion of people-to-people exchanges to build a stronger regional identity.

Chulalongkorn University ASEAN Studies Centre Director Sineenat Sermcheep made an address of welcome, while Faculty of Economics Dean Nopphol Witvorapong, SANEM Executive Director Dr Selim Raihan, Thailand Foreign Ministry Deputy Director General Salinee Phonprapai, Indian Studies Centre Director Surat Horachaikul, and Asia Foundation Programme Director Mohammad Zakaria also spoke on the occasion. BIMSTEC Secretariat Secretary General Indra Mani Pandey presented the keynote.