brand logo

BIMSTEC 5th Summit commences: Foreign Secretary says BIMSTEC Charter adoption a milestone

29 Mar 2022

Foreign Affairs Ministry Secretary Prof. Jayanath Colombage said yesterday (28) that the adoption of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Co-operation (BIMSTEC) Charter at its fifth Summit, which commenced in Colombo yesterday, will be a major milestone for the organisation.  “The adoption of the BIMSTEC Charter in the Summit will be a major milestone for the organisation and will mark a new chapter in its onward journey. Asia is increasingly the centre of the world economy. By 2040, the continent is projected to account for more than half of the world’s gross domestic product and for about 40% of the global consumption. Global cross-border flows are shifting towards Asia on a number of fronts and the region’s growth is becoming more growth based and sustainable as its constituent economies interact with each other. The BIMSTEC must seize the opportunities of new growth patterns and accelerate activities of trade and investment within our region,” said Prof. Colombage during his address to the secretaries of the foreign ministries representing the seven countries of the BIMSTEC.  The fifth BIMSTEC Summit, hosted by Sri Lanka, current BIMSTEC Chair, commenced in Colombo yesterday with the senior officials’ meeting.  Prof. Colombage stressed that as one of the founding members of the BIMSTEC, Sri Lanka remains committed to the objectives and principles of the organisation. “Our deliberations today will be a catalyst for sharing ideas and means for the organisation to rededicate itself for the future of all member states of the BIMSTEC. The secretaries should take stock of the current impasses in the trade and investment work in the BIMSTEC and ensure that this agenda item remains at the forefront of this organisation,” said Prof. Colombage yesterday, highlighting the importance of trade among the seven BIMSTEC countries.  Furthermore, he urged the BIMSTEC to build networks with other regional blocs as well.  “I would like to see the BIMSTEC open up for dialogue and partnerships with other regional blocs that are especially focused on economic empowerment.” He reminded the secretaries that the success of any regional bloc is based on its contribution to the wellbeing of the peoples of the member states.  “I am certain that with our deliberations today, we would steer the organisation towards this noble objective,” he said yesterday.  The 18th BIMSTEC ministerial meeting is due to be held today (29), while the fifth BIMSTEC Summit will be held under the patronage of President Gotabaya Rajapaksa tomorrow (30).


More News..