SAARC and BIMSTEC complement each other: Shama Obaed

Introduction to Regional Cooperation

Regional cooperation has become a vital aspect of economic development and growth in South Asia. Two prominent regional organizations, SAARC (South Asian Association for Regional Cooperation) and BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation), have been working towards promoting economic integration and cooperation among their member states. Recently, Shama Obaed expressed her views on the relationship between SAARC and BIMSTEC, stating that they complement each other in terms of regional cooperation and economic development.

Background of SAARC and BIMSTEC

SAARC was established in 1985 with the aim of promoting economic cooperation and integration among its eight member states, including Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka, and Afghanistan. On the other hand, BIMSTEC was formed in 1997 with a focus on promoting economic and technical cooperation among its seven member states, including Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. While SAARC focuses on broader regional issues, BIMSTEC has a more specific focus on trade, investment, and economic development.

Key Details of Complementary Relationship

According to Shama Obaed, SAARC and BIMSTEC complement each other in several ways. SAARC provides a platform for regional cooperation on broader issues such as politics, security, and culture, while BIMSTEC focuses on more specific areas of economic cooperation, such as trade, investment, and tourism. This complementary relationship allows member states to benefit from the strengths of both organizations. For example, SAARC's South Asian Free Trade Area (SAFTA) agreement can be complemented by BIMSTEC's Trade Facilitation Agreement, which aims to reduce trade barriers and increase trade among member states.

The complementary relationship between SAARC and BIMSTEC is also reflected in their areas of focus. While SAARC has a broader focus on regional issues, BIMSTEC has a more specific focus on areas such as connectivity, energy, and counter-terrorism. This allows member states to benefit from the expertise and resources of both organizations, leading to more effective and efficient regional cooperation.

Impact on Bangladesh's Economy

The complementary relationship between SAARC and BIMSTEC has significant implications for Bangladesh's economy. As a member of both organizations, Bangladesh can benefit from the strengths of both SAARC and BIMSTEC. For example, Bangladesh can use SAARC's platform to promote its readymade garment industry and increase its exports to other member states. At the same time, Bangladesh can use BIMSTEC's platform to promote its tourism industry and attract more tourists from member states.

The complementary relationship between SAARC and BIMSTEC can also help Bangladesh to address some of its key economic challenges, such as infrastructure development and energy security. By working with other member states through SAARC and BIMSTEC, Bangladesh can access expertise, technology, and financing to address these challenges and promote sustainable economic development.

Conclusion

In conclusion, the relationship between SAARC and BIMSTEC is one of complementarity, with both organizations working together to promote regional cooperation and economic development in South Asia. As Shama Obaed noted, SAARC and BIMSTEC complement each other in terms of their areas of focus, allowing member states to benefit from the strengths of both organizations. This complementary relationship has significant implications for Bangladesh's economy, and can help the country to address some of its key economic challenges and promote sustainable economic development.

Source: Prothom Alo