DHAKA, April 1, 2021 (BSS) – Foreign Minister Dr. AK Abdul Momen today said the ‘BIMSTEC Master Plan on Transport Connectivity’ that awaiting approval will expedite economic and social progress in the South and Southeast Asian regions.
“Once approved by our leaders and implemented, the multi-modal transport connectivity in the region will contribute immensely in promoting our economic and social progress,” he said.
Momen made the remark while taking part in the 17th BIMSTEC Ministerial Meeting virtually held today in Colombo, Sri Lanka.
The special session of BIMSTEC Senior Officials Meeting (SOM) held on Wednesday endorsed the “BIMSTEC Master Plan for Transport Connectivity” for approval at the today’s 17th BIMSTEC ministerial meeting and 5th BIMSTEC summit scheduled to be held this year.
The foreign minister also expressed his satisfaction as BIMSTEC Coastal Shipping Agreement is almost at the final stage.
“We recently conveyed our concurrence to negotiate BIMSTEC Framework Agreement on Transit, Transshipment and Vehicular Movement along with the ongoing negotiation of BIMSTEC Agreement on Motor Vehicle,” he said.
He further said member states could facilitate holding of all Working Groups Meetings in their respective lead sectors and complete negotiation process of pending legal instruments under the Trade Negotiating Committee, Connectivity, Energy, Agriculture, and other priority sectors.
“We need the legal documents to get ready for signature as soon as possible,” he said.
Noting that enhanced trade and investment in this region will facilitate income and employment generation, Momen said seamless multi-modal connectivity is a precondition for trade and investment promotion and people to people contacts.
“However, despite our sincere efforts, progress has been very slow in these vital sectors,” he said adding “Framework Agreement on BIMSTEC FTA was concluded in 2004, but the essential constituent and legal instruments are yet to be concluded.”
The Bangladesh foreign minister said agreement on Trade in Goods, Agreement on Rules of Origin are immediately required to make the FTA operational.
He said Bangladesh as the lead country took various initiatives to organize the Working Groups Meetings to finalize these legal instruments.
“We need to work simultaneously on a faster pace in all priority sectors to bring synergy in our cooperation to make BIMSTEC a result oriented regional forum,” he said.
Bangladesh foreign secretary Masud Bin Momen accompanied the foreign minister in the meeting.
Bangladesh facilitated and supported the consideration and adoption of a series of vital documents in the meeting, chaired by Dinesh Gunawardena, Foreign Minister of Sri Lanka.
The meeting endorsed several BIMSTEC Agreements, Conventions, MoUs and other important documents or instruments envisaged to be signed or adopted at the Fifth BIMSTEC Summit, a foreign ministry press release said here later.
The meeting also adopted Joint Statement of the 17th BIMSTEC ministerial meeting and BIMSTEC Master Plan for Transport Connectivity for onward submission to the 5th BIMSTEC Summit.
The meeting approved and recommended the finalized the draft of the BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters, Memorandum of Association on the Establishment of BIMSTEC Technology Transfer Facility (TTF) in Colombo, Sri Lanka and MoU on Mutual Cooperation between Diplomatic Academies/Training Institutions of BIMSTEC Member States for signature during the 5th BIMSTEC Summit.
The meeting approved the rationalization of sectors and sub-sectors of BIMSTEC and the Template of the Memorandum of Association (MoA) on the Establishment of the BIMSTEC Centers/Entities for adoption during the 5th BIMSTEC Summit.
The 5th BIMSTEC Summit is though expected to be held in Colombo, Sri Lanka in 2021 but subject to the COVID -19 situation.