BIMSTEC, IORA sing MoU to address security, dev challenges 

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and the Indian Ocean Rim Association (IORA) has signed a Memorandum of Understanding (MoU) to jointly address security and developmental challenges in the region and beyond.

The MoU was signed on the occasion of the 6th BIMSTEC Summit held on April 4 in Bangkok, Thailand, said a press release issued by the BIMSTEC secretariat in Dhaka today.   

BIMSTEC Secretary General Indra Mani Pandey and IORA Secretary General Sanjiv Ranjan inked the MoU on behalf of their respective organizations.
 
The signing of the MoU was welcomed by the BIMSTEC leaders, marking a significant step in deepening inter-regional cooperation, said the release. 

The signing of MoU formalized future partnership between IORA and BIMSTEC in key areas of shared interest, including trade and investment facilitation; environment and climate change; maritime security and connectivity; science and technology; and people-to-people contact and tourism, including blue economy and ocean management and fisheries management. 

BIMSTEC comprises seven countries of the Bay of Bengal region – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. 

It pursues regional cooperation in 7 broad sectors – agriculture and food security; connectivity; environment and climate change; people-to-people
contact; science, technology and innovation; security; and trade, investment & development. 

The cooperation also covers 8 sub-sectors – blue economy, mountain economy, energy, disaster management, fisheries and livestock, poverty alleviation, health, and human resource development.

The Indian Ocean Rim Association (IORA) is an inter-governmental organization established on 7 March 1997. 

The Indian Ocean, being the world’s third-largest, is crucial for global trade, carrying significant portions of container ships, bulk cargo, and oil shipments. 

IORA, home to 2.7 billion people, with 23 Member States and 12 Dialogue Partners, fosters economic growth and regional stability through collaboration on key areas such as maritime safety and security, trade and
investment facilitation, fisheries management, disaster risk management, academic, science and technology cooperation, tourism and cultural exchanges, women’s economic empowerment, and the blue economy.