Bangkok: The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and the Indian Ocean Rim Association (IORA) have signed a Memorandum of Understanding (MoU) to collaboratively address security and developmental challenges within the region and beyond.
According to Bangladesh Sangbad Sangstha, the MoU was signed during the 6th BIMSTEC Summit held on April 4 in Bangkok, Thailand. BIMSTEC Secretary General Indra Mani Pandey and IORA Secretary General Sanjiv Ranjan represented their respective organizations in the signing ceremony.
The BIMSTEC leaders welcomed the signing of the MoU, recognizing it as a pivotal move towards enhancing inter-regional cooperation. The MoU sets the foundation for a future partnership between IORA and BIMSTEC in essential areas of mutual interest, including trade and investment facilitation, maritime security, connectivity, climate change, science and technology, and tourism, along with blue economy and ocean management.
BIMSTEC includes seven countries from the Bay of Bengal region: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. The organization seeks regional cooperation across seven broad sectors, such as agriculture, connectivity, environment, people-to-people contact, science and technology, security, and trade and development. Additionally, BIMSTEC’s collaboration extends to sub-sectors like blue economy, energy, disaster management, fisheries, poverty alleviation, health, and human resource development.
The Indian Ocean Rim Association, established on March 7, 1997, is an inter-governmental organization. The Indian Ocean, as the world’s third-largest, is vital for global trade, handling substantial portions of container ships, bulk cargo, and oil shipments. IORA, consisting of 23 member states and 12 dialogue partners, promotes economic growth and regional stability through cooperation in areas such as maritime safety and security, trade, fisheries management, disaster risk management, scientific collaboration, tourism, cultural exchanges, women’s economic empowerment, and the blue economy.