Pacts for economic partnership
Three Memorandums of Understanding (MoUs) have been signed between Ranong Port (Port Authority of Thailand) and the Port Trusts of Chennai, Vishakhapatnam and Kolkata during the first BIMSTEC Conclave of Ports on 7 Nov 2019.
These MoUs will contribute to BIMSTEC objectives of strengthening connectivity and is part of India’s Act East Policy, said the Shipping Ministry at the first ever ‘BIMSTEC Ports’ Conclave’ in Vishakhapatnam.
The MoUs will enhance connectivity between ports on Thailand’s West Coast and Ports on India’s East Coast i.e. Chennai, Vishakhapatnam and Kolkata.
The pacts will enhance economic partnership by cutting down the sea travel time between India and Thailand from 10-15 days to 7 days.
India attaches great importance to Bay of Bengal initiatives for multi Sectoral Technical and Economic Cooperation (BIMSTEC) which links five countries from south Asia (Bangladesh, India, Sri Lanka, Bhutan and Nepal) and two from South East Asia (Myanmar & Thailand), said the Ministry.
Minister of State for Shipping Mansukh Mandaviya inaugurated the conclave held 7-8 Nov 2019.
The BIMSTEC region brings together 1.67 billion people together 22% of world population and a combined GDP of US$3.71 trillion.
Four BIMSTEC Summits have been held so far, the earlier ones at Kathmandu on 30-31 August 2018 (earlier summit were 2004 (Bangkok), 2008 (New Delhi), 2014 (Nay Pyi Taw).
A ‘BIMSTEC Outreach Summit and Leader’s Summit’ was held in Goa in 2016. fiinews.com