Yunus Calls on BIMSTEC Nations to Collaborate for Mutual Gains

Professor Muhammad Yunus Calls for Stronger Regional Cooperation at 6th BIMSTEC Summit

Dhaka, Friday: Chief Adviser Professor Muhammad Yunus, while addressing the 6th BIMSTEC Summit, emphasized the need for enhanced regional cooperation, urging member nations to work together for mutual interests and shared prosperity. He reiterated Bangladesh’s long-standing commitment to open regionalism, envisioning a region where all nations and communities engage on the principles of equity, mutual respect, and shared benefits.

Harnessing BIMSTEC’s Potential for Growth

Professor Yunus highlighted that BIMSTEC represents nearly one-fifth of the global population, signifying vast potential for economic and social development. While acknowledging the challenges within the region, he stressed that these hurdles should be seen as opportunities for collective progress.

“Many label our demography as a challenge. Yet, there are enough instances to illustrate the untapped promises of our population,” he said.

Bangladesh, as the host of the BIMSTEC Secretariat, is committed to unlocking the organization's full potential and ensuring meaningful regional cooperation.

Energy Security & Regional Integration

Professor Yunus underscored the significance of energy security as a cornerstone of sustainable development and economic resilience in the BIMSTEC region.

“We must work together to harness our collective potential in renewable energy, cross-border electricity trade, and energy efficiency to ensure a secure and sustainable future for our people,” he stated.

He emphasized that the BIMSTEC Agreement on Grid Interconnection, signed in 2018, should serve as a launchpad for deeper regional collaboration in the energy sector.

Trade & Economic Growth: Strengthening Regional Connectivity

As the lead country in the Trade, Investment, and Development Sector, Bangladesh remains committed to fostering economic collaboration among BIMSTEC member states. He pointed out that intra-regional trade currently stands at only 5.9%, highlighting the need for stronger trade ties.

“We urge all member states to take necessary steps toward implementing the BIMSTEC Framework Agreement on Free Trade Area (FTA), signed in 2004, as this will contribute to improved connectivity and economic integration,” he urged.

Professor Yunus stressed the importance of facilitating trade, investment, and the movement of people, particularly the youth, across BIMSTEC nations, to enhance the region’s socio-economic well-being.

Infrastructure & Transport Connectivity

He noted that the BIMSTEC Master Plan on Transport Connectivity, adopted during the 5th BIMSTEC Summit, must be implemented in a timely and effective manner to benefit all member states.

“Some countries have achieved significant progress through bilateral agreements. However, for effective regional economic integration and development, broader regional initiatives must be materialized,” he emphasized.

Bangladesh reaffirmed its willingness to extend full support in implementing the BIMSTEC Master Plan on Transport Connectivity.

Maritime Cooperation & Enhancing Trade Routes

Professor Yunus welcomed the recent signing of the BIMSTEC Agreement on Maritime Transport Cooperation, which took place on Thursday. He said that this agreement will play a crucial role in improving connectivity within the region, particularly benefiting the landlocked member states and India’s northeastern region.

Revitalizing BIMSTEC: The Need for Concrete Action

Reflecting on BIMSTEC’s 28-year journey, he acknowledged that, despite its long existence, the organization’s impact has yet to be widely felt across member states.

“The signing and ratification of the BIMSTEC Charter and the formulation of relevant Rules of Procedure have strengthened the institutional framework. However, more tangible and result-oriented initiatives are required to enhance the effectiveness of BIMSTEC,” he remarked.

He urged the civil society and private sector to play a proactive role in driving regional initiatives, ensuring that BIMSTEC delivers meaningful outcomes.

Bangladesh’s Chairmanship & Future Vision for BIMSTEC

As Bangladesh assumes the Chairmanship of BIMSTEC, Professor Yunus called upon all member states to extend their support in revitalizing the organization.

“We need a genuinely shared sense of mutual confidence and mutuality of interests, rising above our differences. Our collective actions must be driven by impact and results,” he emphasized.

He also highlighted the importance of strengthening regional institutions and balancing economic growth with ecological sustainability, ensuring that development is inclusive and equitable.

Institutional Reforms & Innovative Economic Strategies

Professor Yunus pointed out that many global norms and economic regulations are evolving, and BIMSTEC must adapt to remain relevant in an increasingly dynamic world.

“I find institutions often struggling to meet people’s aspirations. To address this, I advocate for an overhaul of the financial system and the introduction of innovative social businesses that uphold dignity and ensure individual security—not just augment wealth,” he stated.

Collaborating Beyond BIMSTEC: Global Partnerships

He emphasized that BIMSTEC should actively seek knowledge and technology exchange, both within the region and with global partners, including governments, academic institutions, foundations, and private sector enterprises that align with BIMSTEC’s development goals.

Conclusion & Summit Participation

Concluding his address, Professor Yunus reaffirmed Bangladesh’s unwavering commitment to regional cooperation, economic development, and sustainable growth under the BIMSTEC framework.

The 6th BIMSTEC Summit was attended by:

• Thai Prime Minister and Summit Chairperson Paetongtarn Shinawatra

• BIMSTEC Secretary General Indra Mani Pandey

• Distinguished heads of delegations from BIMSTEC member states