BIMSTEC Ports Conclave
- 08 Nov 2019
- 2 min read
Why in News
The first-ever BIMSTEC Conclave of Ports is being held at Visakhapatnam, Andhra Pradesh on 7th and 8th November 2019.
- 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 30th May 2019.
- Four BIMSTEC Summits have been held so far- Nepal (in 2018), Myanmar(2014), India (2008) Thailand (2004).