The New Nation - Internet Edition

UNB, New Delhi

Chief Adviser Dr Fakhruddin Ahmed Thursday called for forging a stronger alliance of BIMSTEC to deal effectively and resolutely with the issues of rising food prices, persistent high energy costs and negative fall-out from climate change.

He proposed to include Climate Change as priority area of cooperation in the BIMSTEC, saying that if given the task, Bangladesh would be happy to act in this critical area.

Delivering the country statement at the plenary session of second BIMSTEC Summit, the head of the caretaker government also proposed for setting a target date for the BIMSTEC Free Trade Agreement to come into effect.

Indian Prime Minister Dr Manmohan Singh, current chairman of BIMSTEC, earlier inaugurated the plenary session at around 10:20am at the Darbar Hall of Hotel Taj Palace.

BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) groups seven countries - Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand Chief Adviser

Dr Fakhruddin Ahmed was the first speaker at the plenary session, chaired by Indian Prime Minister Manmohan Singh.

Bhutanese Prime Minister Lyonchhen Jigmi Y Thinley, Myanmar's Prime Minister Gen Thein Sein, Nepalese Prime Minister Pushpa Kamal Dahal 'Prachanda', Sri Lankan President Mahinda Rajapaksa and Thai Prime Minister Somchai Wangsawat also addressed the plenary session in alphabetical order.

Ministers and delegate members of BIMSTEC countries, among others, were present at the event.

The Chief Adviser said that in shorter term, the BIMSTEC leaders might consider creating an institutional mechanism to maintain a buffer stock of food in the region, similar to a SAARC Food Bank.

"We are all aware of the growing challenges that our societies are faced with today. Rising food prices, persistent high energy costs, and negative fallout from climate change have tested our limits. It's time we consolidate and forge a stronger alliance to deal with these issues effectively and resolutely," he said.

He added: "We've noted that progress has been achieved in the BIMSTEC FTA negotiations, although at a less than ideal pace. I propose that we set a target date for the BIMSTEC Free Trade Agreement to come into effect.

"At the same time, tariff reduction and elimination must be accompanied by appropriate measures for the removal of non-tariff barriers to significantly contribute to the growth of intra-regional trade."

Dr Fakhruddin reiterated Bangladesh's offer to host the Secretariat in Dhaka, saying that it would be the country's honour to shoulder this responsibility.

He hoped that the member states would extend their valuable support to the offer. As one of the founding members of BIMSTEC, Bangladesh is deeply committed to its broader objectives and goals, he said.

The Chief Adviser said the Second BIMSTEC Summit is taking place at a "defining moment in our history." BIMSTEC, which bridges the two developing regions of Asia, epitomizes South-South cooperation.

He said: "We are encouraged by the tremendous opportunities that beckon us today. Common interests and aspirations of our peoples place us in a unique position to transform the economic and social landscapes of our countries.

"As a group, we need to be creative and pragmatic in our approach to turn these challenges into tangible opportunities. The 21st century belongs to Asia. But a good deal will depend on how we develop our potential."

The Chief Adviser said the recent global financial crisis has increased the threat of a deep worldwide recession. A decline in demand for exports from developing countries is a distinct possibility.

He reminded that concerted and comprehensive global actions are needed to respond to and overcome this crisis. "Regionally, increased coordination and consultations amongst our central banks and financial regulators will be useful. They should continuously monitor and assess the situation and suggest remedial measures."

He added: "Poverty alleviation is high on our agenda. The development of an Action Plan on Poverty Alleviation as recommended by the First BIMSTEC Poverty Alleviation Ministerial in Dhaka would be a significant step forward in our collective effort in this regard."

Dr Fakhruddin thanked BIMSTEC chairman for extending support to host the BIMSTEC Poverty Alleviation Centre in Dhaka.

He said the centre, which will be set up soon, will carry out high-quality research and studies in this vitally important area and provide useful guidance and policy inputs to decision-makers and practitioners.

On Agriculture, he said agricultural productivity is a critical element in any poverty reduction strategy. The recent rise in food prices has underlined the need for priority attention to food security.

The Chief Adviser called for qualitative improvements to the international food trading system based on equity and fair play. At the regional level, it should also explore ways for increased investment and for the transfer of technology to increase agriculture productivity.

On Energy, he said the countries' developmental efforts will be seriously undermined "if we are unable to maintain a steady supply of energy at affordable prices."

Cooperation in capacity building, technology transfer and infrastructure development are a key in this regard, he added.

"We must also harness renewable sources of energy such as hydro-power, solar, bio-fuel and wind to address the energy needs of the region,"

On Climate Change, Dr Fakhruddin said the phenomenon of climate change is not a myth but a hard and scientific reality. Empirical evidence suggests that even a one-metre rise in the sea-level would submerge one fifth of Bangladesh, resulting in an estimated 25 to 30 million people being displaced as "climate refugees". Other countries in the region would face similar catastrophes.

He said that in the one decade of its existence, BIMSTEC has come a long way. It is time that BIMSTEC leaders make an in-depth review of BIMSTEC.

"A high-level group of eminent personalities from the region should be constituted to undertake an independent review of the organization and to make specific recommendations to bring greater dynamism to our efforts at regional cooperation," he told the function.

In this interdependent world, the Chief Adviser said, "our prosperity and wellbeing depends on our collective and collaborative endeavours. We must chart out a clear roadmap and commit ourselves to effectively follow it through for the 2.2 billion people of this region."

He concluded: "A prosperous tomorrow awaits us. The seed of a better future must be sowed today, and nurtured through cooperation and collaboration."