Maritime transport cooperation deal to enhance port efficiency: BIMSTEC
The agreement, signed on Maritime Transport Cooperation (AMTC), will enhance port efficiency, harmonise maritime policies, and streamline customs procedures, ensuring smoother movement of goods and services, the BIMSTEC Secretariat said today (6 April).
With the AMTC in place, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) now has a "comprehensive framework" for seamless maritime transport, aimed at reducing logistical bottlenecks and deepening economic integration.
Beyond trade facilitation, the AMTC seeks to boost investment in key maritime infrastructure, including ports, shipping lanes, and coastal logistics hubs, fostering regional economic growth and stability.
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It also promotes cooperation in maritime safety, environmental sustainability, digitalisation of shipping processes, and capacity-building.
The BIMSTEC agreement on Maritime Transport Cooperation (AMTC) was signed on the occasion of the 6th BIMSTEC Summit held in Bangkok, Thailand recently.
The foreign ministers of BIMSTEC member states signed the agreement, marking a transformative step towards enhancing maritime partnerships in the region.
BIMSTEC leaders welcomed the signing of the AMTC, recognising its potential to enhance regional maritime connectivity, facilitate cross-border trade, and spur investment in port infrastructure, logistics, and related sectors.
They also directed relevant authorities to expedite its implementation.
BIMSTEC comprises seven countries of the Bay of Bengal region: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
