BIMSTEC maritime transport cooperation agreement to enhance port efficiency
In order to facilitate the flow of goods and services throughout the region, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Agreement on Maritime Transport Cooperation (AMTC) will improve port efficiency, standardize maritime policies, and expedite customs procedures.
In a news release released today, the BIMSTEC office in Dhaka stated, “With AMTC in place, BIMSTEC now has a comprehensive framework for seamless maritime transport, aimed at reducing logistical bottlenecks and deepening economic integration.”
A revolutionary step toward strengthening maritime partnerships in the area, the Agreement was signed by the foreign ministers of BIMSTEC member states the day before the Sixth BIMSTEC Summit, which took place in Bangkok on April 4.
The BIMSTEC Secretariat stated here that in addition to facilitating commerce, AMTC aims to increase investment in vital marine infrastructure, such as ports, shipping lanes, and coastal logistics hubs, promoting stability and economic prosperity in the area.
Additionally, the agreement will encourage collaboration in the areas of environmental sustainability, maritime safety, shipping process digitization, and capacity building.
Additionally, the agreement will encourage collaboration in the areas of environmental sustainability, maritime safety, shipping process digitization, and capacity building.
“The signing of the AMTC was welcomed by BIMSTEC leaders, including Chief Adviser Professor Dr. Muhammad Yunus, who acknowledged its potential to improve regional maritime connectivity, ease cross-border trade, and encourage investment in port infrastructure, logistics, and related sectors,” the press release stated.
It further stated that the leaders gave the appropriate authorities instructions to speed its execution.
The seven Bay of Bengal nations that make up BIMSTEC are Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
Agriculture and food security, connectivity, the environment and climate change, human-to-human interaction, research, technology, and innovation, security and commerce, and investment and development are the seven main areas in which it seeks regional collaboration.
Eight sub-sectors are also covered by the partnership: energy, disaster management, fisheries and livestock, poverty alleviation, health, human resource development, the blue economy, and the mountain economy.
