The key outcomes of sixth BIMSTEC Summit
Kathmandu– The sixth BIMSTEC summit which was held in Bangkok on April 4, 2024 has issued a declaration titled Prosperous Resilient and Open BIMSTEC.
The summit has expressed a satisfaction on coming into force of the BIMSTEC Charter on 20 May, 2024. The summit has adopted the BIMSTEC Bangkok Vision 2030 for common aspiration towards a forward looking BIMSTEC region that is prosperous, resilient and open to tackle challenges and seize opportunities for the coming decade and agree to take appropriate measures on priority basis in the areas of mutual benefit to build a robust BIMSTEC to address the contemporary global challenges, expressed in the BIMSTEC Bangkok Vision 2030 (included as Annexure) as part of this Declaration.
Similarly, it has adopted the rules of procedures for BIMSTEC Mechanism as recommended by the Ministerial meeting and reiterate the commitment to timely holdings of the summit and meetings of all BIMSTEC mechanisms.
The summit commended the Eminent Peron’s Group on the future direction of BIMSTEC for their report and recommendations, and emphasize on the early implementation of recommendation. The secretary-general has been mandated to monitor and report the progress of implementation of EPG’s recommendations to the Summit.
The summit reiterated commitment to swiftly conclude the BIMSTEC Free Trade Area Agreement (FTA) and direct the Trade Negotiating Committee and its working groups to finalize the constituent agreement to BIMSTEC FTA without any further delay.
Acknowledging that several BIMSTEC members states are poised to graduate from the LDC status, face structural constraints and challenges that hinder their competitiveness in external trade due to the, among others, high trade and transit cost and commit to extend necessary support to the graduating and land-locked member states in their development efforts, with a view to ensuring equitable benefits during the implementation of BIMSTEC FTA, the declaration says.
The summit urged the member states to explore the possibility of establishing BIMSTEC mutual recognition arrangements of standards to reap the benefits of trade facilitation measures within the region. The Summit further urged the member states to finalize the agreement on Trade facilitation and agreement on cooperation and mutual assistance in custom matters on a priority basis.
