Bay of Bengal: The Rising Trade Hub of the Indo-Pacific
The Bay of Bengal has become a key trade hub in the Indo-Pacific, driven by BIMSTEC's efforts in areas like the blue economy and disaster management. India plays a pivotal role in addressing regional challenges. BIMSTEC, formed in 1997, includes seven member nations focused on economic cooperation.
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The Bay of Bengal has increasingly become a focal point for trade within the Indo-Pacific region, leveraging the collaborative efforts of BIMSTEC in vital sectors like the blue economy and disaster management, as noted by Secretary General Indra Mani Pandey.
Speaking at the Indo-Pacific Economic Conclave organized by The Bengal Chamber, Pandey emphasized India's strategic position in tackling regional currency and political challenges, all while bolstering alliances amongst BIMSTEC nations. 'BIMSTEC has enhanced cooperation among member states in diverse areas, positioning the Bay of Bengal at the heart of Indo-Pacific growth,' he stated.
Officials at the conclave highlighted that the Indo-Pacific region represents more than 60% of the global GDP, with its trade and maritime partnerships crucial to future economic trajectories. Established in 1997, BIMSTEC consists of seven member countries, including Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand, all committed to multi-sectoral technical and economic collaboration.
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