Courtesy: ANI
Since 1947, India has had a proud record of development cooperation. It began even though it was newly independent and itself developing, but created a camaraderie with movements in other emerging countries. Now after 75 years, its time to move toward an FDI-led model, which will particularly help reduce the rising indebtedness in the developing world.
Courtesy: @BIMSTECInDhaka
June 6, 2022, marks 25 years since India, Bangladesh, Sri Lanka, Bhutan, Nepal, Myanmar and Thailand joined hands to create BIMSTEC and infuse South Asia with economic and institutional cooperation. The strategic geography of this grouping has the potential to bring new synergy between South Asia and the recently-instituted Indo Pacific Economic Framework, ASEAN and the Quad, for a prosperous, secure Bay of Bengal Community.
Courtesy: ISRO
The Quad has agreed to launch a satellite-based maritime security initiative to curb illegal fishing by China. India is a global leader in satellite launches, especially in Earth Observation (EO) satellites. The Indo-Pacific nations are looking at the Indian model because it is applicable, economical, and sustainable.
Courtesy: Twitter- BIMSTEC
The BIMSTEC charter has laid the foundations for a prosperous, peaceful, and sustainable Bay of Bengal region, a goal that can be achieved by greater integration and deeper collaboration. While ensuring continuity with past efforts and strengthening economic cooperation is necessary, it must also realise its potential in newer areas such as the blue economy, which has three interlinked pillars— connectivity, prosperity, and regional stability.
Courtesy: @BimstecInDhaka
The rejuvenated BIMSTEC, with a new charter in hand, is now expanding its ambition and mission. One such area is climate change, which needs greater attention as it will have implications for the Bay of Bengal and beyond. With their unique climate conditions and action plans can together create a model for regional cooperation.
Courtesy: Ministry of External Affairs, India
The recently concluded BIMSTEC summit is now a regional intergovernmental organization with a formal charter, giving it a clear mission and legality and a destiny linked to South and South East Asia. It is now better equipped to accelerate economic development for the fifth of the world’s population, which contributes only 4% of global GDP.
Courtesy: BIMSTEC
BIMSTEC is of special importance to India as it is a crucial link between the Neighbourhood First and Act East policies. This almost 25 year old multilateral can contribute to the Indo-Pacific region by addressing challenges in strategic areas of regional connectivity, security cooperation, free trade, and geoeconomic ties with external partners.
Courtesy: TDB
Financial intermediaries are critical lubricants for business, growth and development. The Indo-Pacific countries are industrializing, but smaller nations lag behind economically. The Quad countries can aid the advancement of the financial architecture in the Indo-Pacific by helping to develop an ecosystem, modelled on the examples of Japan and India.
Courtesy: Ministry Of External Affairs
The Quad Foreign Ministers’ Meeting, held in Melbourne on February 11, revealed an ambitious plan for economic and developmental affairs, beyond the security concerns posed by China. Despite differing approaches towards Myanmar and Ukraine, the Quad countries are strengthening their cooperation while maintaining strategic autonomy.
Courtesy: Gateway House
Multilateral funding can aid regional financial connectivity between the Bay of Bengal states, where financial networks are scarce. India's successful fintech can be mobilised to create a local ecosystem of startups with better access to funds and strong ties to the Indian market.