BIMSTEC Ports Conclave

• 08 Nov 2019

Why in News

The first-ever BIMSTEC Conclave of Ports is being held at Visakhapatnam, Andhra Pradesh on 7^th and 8^th November 2019.

Key Highlights

• The conclave aims at providing a platform to:
  
  • Enhance connectivity through port-led initiatives,
  • Strengthen maritime interaction and ties between the countries,
  • Explore the possibility of increasing economic cooperation by furthering EXIM trade and coastal shipping,
  • Discuss various investment opportunities and best practices adopted for enhanced productivity and safety at ports.
• Three Memorandums of Understanding (MoUs) have also been signed between Ranong Port (Port Authority of Thailand) and the Port Trusts of Chennai, Vishakhapatnam, and Kolkata during the Conclave.
  
  • These MoUs form a significant part of India’s Act East Policy.
  • It will also enhance economic partnership by cutting down the sea travel time between India and Thailand from 10- 15 days to 7 days.

Bay of Bengal Initiatives for Multi-Sectoral Technical and Economic Cooperation

• BIMSTEC is a sub-regional organization that came into being in 1997 through the Bangkok Declaration.
• BIMSTEC is a 7-member grouping that links five countries from South Asia namely, Bangladesh, India, Sri Lanka, Bhutan, and Nepal, and two from South East Asia- Myanmar, and Thailand.
  
  • India attaches great importance to BIMSTEC. The Prime Minister of India invited BIMSTEC members for his second swearing-in ceremony on 30^th May 2019.
• Four BIMSTEC Summits have been held so far- Nepal (in 2018), Myanmar(2014), India (2008) Thailand (2004).

Source: PIB