Pathfinder Foundation participates in third Bay of Bengal Economic Dialogue

The third Bay of Bengal Economic Dialogue participants of “New World Order and BIMSTEC: Curtain Raiser to the Sixth BIMSTEC Summit”

SAWTEE Executive Director Dr. Paras Kharel, Pathfinder Foundation Executive Director Dr. Dayaratna Silva, and Dhaka University Executive Director Dr. Selim Raihan 

The third Bay of Bengal Economic Dialogue concluded successfully at Chulalongkorn University, Thailand, centred around the theme “New World Order and BIMSTEC: Curtain Raiser to the Sixth BIMSTEC Summit.” 

This significant event, co-hosted by the South Asian Network on Economic Modelling (SANEM), brought together key stakeholders from Bangladesh, India, Bhutan, Myanmar, Nepal, Sri Lanka, and Thailand to deliberate on pivotal regional issues. Key partners included the Institute of Trade and Development (ITD) and The Asia Foundation (TAF). This two-day international conference was attended by over 100 senior experts, scholars, diplomats, and practitioners in both in-person and virtual modes. Besides inaugural and valedictory sessions, six plenary sessions that include New World Order, Global Challenges and BIMSTEC, Trade, Investment and Connectivity, Trade and Gender and Sixth BIMSTEC Summit and Way Ahead were organised.

The Bangkok Declaration, the key outcome document of the Dialogue, was presented to an official of the BIMSTEC secretariat. It emphasised the need for enhanced regional integration and cooperation among BIMSTEC member states. Over two days, the Dialogue featured sessions on topics such as the impact of the evolving global landscape on the region, economic integration, effective governance frameworks, and cultural and social ties. Particular focus was given to gender considerations in trade policies and preparations for the upcoming Sixth BIMSTEC Summit.

Speaking on the panel titled “Sixth BIMSTEC Summit and Way Ahead,” Pathfinder Foundation Executive Director Dr. Dayaratna Silva emphasised the need for BIMSTEC countries to develop a coordinated digital transformation framework recognising the expanding digital economy globally and at the regional level. According to a UNCTAD report (2018), it is estimated that digital trade accounts for 25% of global GDP. Following this trend, he highlighted that regional groupings like the EU and ASEAN have adopted clear digital transformation strategies, policies, and frameworks. For example, the EU has adopted the Digital Decade Policy Programme (DDPP), a visionary roadmap for a sustainable and prosperous digital future. Similarly, negotiations are underway for ASEAN to establish the Digital Economy Framework Agreement (DEFA), a legally binding initiative encompassing comprehensive digital strategies from data movement and digital payments to e-commerce and cyber resilience.

However, BIMSTEC lacks a unified approach, though there are specific initiatives within the BIMSTEC, like the signing of an MoU to establish the BIMSTEC Technology Transfer Facility (TTF). BIMSTEC counties need to go beyond that as there is vast potential for BIMSTEC to expand digital trade within the BIMSTEC nation. They need to recognise the importance of digital integration in achieving regional integration. They should progress in assessing their digital trade capabilities. Silva further stressed that leveraging technologies such as AI, IoT, and big data could foster economic growth, enhance productivity, and improve the quality of life across member states. He also underscored that digital transformation in government could enhance efficiency, transparency, and service delivery, thus promoting innovation and economic growth. 

Dr. Silva also addressed the necessity of integrating gender considerations into BIMSTEC’s trade policies to foster inclusive and sustainable economic growth and proposed key measures, including the collection of gender-specific data, implementing capacity-building programs, ensuring inclusive trade agreements, leveraging technology for women’s empowerment, and strengthening policy advocacy and collaboration. He highlighted the establishment of the Eminent Persons Group (EPG) to include gender considerations in BIMSTEC’s future roadmap, advocating that gender equality in trade is essential for sustainable development and equitable economic growth.

Additionally, Dr. Silva recommended establishing a Regional Arbitration Centre to strengthen economic relationships and efficiently resolve trade disputes. This initiative is seen as pivotal for promoting economic cooperation among member states.

The forum strongly recommended that India take the lead in driving the BIMSTEC’s economic agenda, recognising the need for a regional champion to guide and enhance trade and economic relationships among member countries. In this regard, member countries were encouraged to accelerate the finalisation of the BIMSTEC Free Trade Area and its constituent agreements, including their annexures. 

The third Bay of Bengal Economic Dialogue reaffirmed the critical role of regional integration and cooperation in addressing global challenges. By embracing digital transformation and mainstreaming gender in trade policies, BIMSTEC countries can build a more resilient, inclusive, and sustainable future. The event concluded with a call for proactive leadership and collaborative efforts to navigate the new world order and achieve shared economic prosperity.