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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.

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.
  • Four BIMSTEC Summits have been held so far- Nepal (in 2018), Myanmar(2014), India (2008) Thailand (2004).

Source: PIB

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