Bangladesh, India, and other Bimstec nations sign maritime pact as Trump tariffs revealed
The agreement aims to strengthen economic ties and facilitate smoother maritime trade routes among member countries
In a significant move to enhance regional connectivity and trade, Bangladesh, India, Thailand, Myanmar, and three other Bay of Bengal nations signed a maritime transport cooperation agreement today (3 April).
The agreement aims to strengthen economic ties and facilitate smoother maritime trade routes among member countries, reports Nikkei Asia.
The pact was finalised during a meeting of foreign ministers from the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) in Bangkok.
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The Bimstec group also includes Bhutan, Nepal, and Sri Lanka, making it a key regional bloc for fostering economic integration and collaboration.
The agreement comes at a time when global trade dynamics are shifting, with US President Donald Trump announcing a series of new reciprocal tariffs.
The 6th BIMSTEC Summit is set to be held tomorrow, three years after the 5th summit, which was conducted virtually in Colombo on 30 March 2022. This year's theme is "Prosperous, Resilient, and Open BIMSTEC," focusing on strengthening economic ties and regional cooperation.
The summit, which aims at fostering collaboration among the member states to address the shared security and developmental challenges, will provide a new impetus to the efforts underway to realise the goal of a prosperous, resilient and open Bimstec, according to the Bimstec Secretariat.
