Thailand has proposed the creation of a Bimstec free trade agreement (FTA) to enhance intra-regional trade and strengthen the economies of countries in the regional group.
Prime Minister Paetongtarn Shinawatra raised the idea at the sixth summit of the group — officially known as the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation — on Friday in Bangkok.
Leaders from seven countries — India, Nepal, Bhutan, Sri Lanka, Myanmar, Bangladesh and Thailand — gathered at the Shangri-La Hotel to discuss ways to strengthen ties and foster economic, environmental and technological collaboration.
The group, accounting for almost a quarter of the world’s population, agreed to work closely to better integrate their economies by boosting trade and transport links.
Prime Minister Paetongtarn, in her opening remarks, expressed deep condolences for the victims of the recent earthquake in Myanmar, which also affected Thailand. She led the room in a minute of silence to honour the lives lost and emphasised the importance of solidarity in the face of such disasters.
“As we come together today, we must not only focus on growth but on resilience,” she said, highlighting the region’s shared challenges and opportunities.
The summit, hosted by the Thai government after a seven-year hiatus of in-person meetings, aimed to discuss a unified vision for the region’s future.
Other leaders in attendance were India’s Narendra Modi, Bangladesh’s interim leader Muhammad Yunus, Sri Lankan Prime Minister Harini Amarasuriya, Nepal’s KP Sharma Oli, Bhutan’s Tshering Tobgay and Myanmar’s Min Aung Hlaing, making a rare trip outside his conflict-torn country.
The leaders endorsed the “Vision Bangkok 2030” presented by the Thai premier, which seeks to improve economic connectivity, address climate change and prepare for regional challenges that affect over 1.8 billion people across the member states.
The document will serve as a blueprint for future cooperation among members of the bloc, which has a combined gross domestic product of $4.5 trillion, Ms Paetongtarn told reporters.
One key proposal was the creation of a Bimstec FTA, which aims to boost intra-regional trade, which currently accounts for just 6% of the total trade within the region.
“This FTA will unlock the economic potential of the region, creating new opportunities for all our nations,” Ms Paetongtarn said.
In addition to trade agreements, Thailand’s commitment to infrastructure projects was underscored by a proposed land bridge connecting Thailand, Myanmar and India. While the project promises to enhance regional trade routes, it has faced delays due to the recent earthquake, further stressing the need for resilience in regional development.
The summit also focused on environmental sustainability and healthcare. The premier called for the development of digital infrastructure and the use of advanced technologies such as Artificial intelligence (AI) to tackle climate change and pandemics.
She proposed creating a “Center of Excellence for Tropical Medicine” within Bimstec to address the region’s unique healthcare needs.
Additionally, the premier voiced support for India’s proposal to establish a Bimstec disaster management centre to enhance the region’s disaster response capabilities, which were again highlighted by the Myanmar earthquake.
Voices of dissent
As the leaders convened, protests erupted in the city not far from the host venue, with banners condemning Myanmar’s military leader. The banners, which read “We do not welcome murderer Min Aung Hlaing”, were a stark reminder of the conflict in Myanmar.
The junta leader held bilateral meetings with Mr Modi and Ms Paetongtarn, who urged him to crack down on online scam centres and drug trafficking.
Despite the protests, Ms Paetongtarn maintained a neutral stance, emphasising that the summit’s goal was to foster cooperation and dialogue across all member states, despite political differences.
In addition to economic and environmental discussions, the summit addressed pressing issues such as transnational crimes, including human trafficking, the illicit drug trade and cybercrime. The leaders also emphasised the importance of youth engagement and gender equality for the long-term stability and cohesion of the region.
Thailand also proposed establishing a Bimstec business advisory council to enhance the role of small and medium enterprises (SMEs) in the region’s future growth.
The group signed six agreements, including on maritime transport cooperation to boost connectivity between South and Southeast Asia and disaster prevention.
Bimstec’s leadership has now been passed to Bangladesh, which will host the next summit. Ms Paetongtarn expressed confidence that under Bangladesh’s leadership, the group would continue to move toward achieving its shared vision for a more integrated and resilient South and Southeast Asia.
