International Chamber of Commerce, Bangladesh (ICCB) has said Bangladesh, as the current chair of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec), needs to focus on boosting trade among member countries.
“In Bangladesh, political uncertainty and occasional tensions with India hinder regional cooperation,” said the leading chamber on Sunday, pointing out that Bimstec still faces major challenges despite 25 years of operation and the key transport projects are delayed.
At the 6th Summit, Bangladesh assumed the chairmanship for the 2025–27 term and the ICCB said this provides Bangladesh with a stronger voice, not just in Bimstec but also in broader regional politics.
This leadership role, the chamber said, allows Bangladesh to push forward the implementation of the Bangkok Vision 2030, helping both Bangladesh and the wider region to work more closely together.
The ICCB said trade between Bimstec countries is still relatively low - only about 7% of their total trade happens within the group. In comparison, Asean countries trade about 25% with each other.
The chamber thinks one major reason for this limited trade is the delay in signing a Free Trade Agreement (FTA), which has been under discussion since 2004.
“Progress has been slow, largely due to non-tariff barriers, the protection of sensitive products, and the reluctance of some countries to open their markets. The Bangkok Vision 2030 aims to accelerate the FTA process, but progress remains slow and uneven,” said the ICCB in its editorial of the quarterly news bulletin.
Bangladesh can facilitate trade by easing visa rules, improving customs systems and supporting digital payments, the chamber said.
For Bangladesh, the ICCB said, stronger ties within Bimstec could bring many benefits and Bangladeshi businesses, especially in garments, agriculture, pharmaceuticals and light industries, could enjoy lower trade costs and better access to regional markets.
Besides, it said, foreign companies might become more interested in investing in Bangladesh, particularly in infrastructure, energy and digital technology, if there are clear and stable regional trade rules in place. “This would benefit not only Bangladesh but the entire region.”
Myanmar’s ongoing unrest further complicates progress, making it difficult to develop crucial transport links and raising concerns about the group’s cohesion, said the ICCB.
According to industry insiders, intra-regional trade among Bimstec countries exceeds US$40 billion, while the potential trade opportunity among Bimstec nations could be as high as US$250 billion.
The Bimstec Trade Facilitation Strategic Framework 2030, developed by the Asian Development Bank (ADB), is an important initiative to advance trade facilitation among member states.
During its two-year leadership, Bangladesh has the opportunity to persuade member countries to implement the ADB Framework 2023.
This year marks the 25th anniversary of the establishment of Bimstec, which was founded on 6 June 1997.
With the signing of the Bangkok Declaration during the 6th Bimstec Summit held in Bangkok on April 4, 2025, the member countries adopted a major new plan called the ‘Bangkok Vision 2030’.
This plan aims to guide the region’s development in a structured way and supports global goals like the UN’s Sustainable Development Goals (SDGs), as well as Thailand’s eco-friendly Bio-Circular-Green (BCG) economic model, according to the editorial of the current news bulletin.
Connectivity is central to Bimstec’s strategic agenda, especially under the Bangkok Vision 2030, said the ICCB.
A key priority is fast-tracking the Bimstec Master Plan for Transport Connectivity (2018–2028), which includes 267 infrastructure projects.
BIMSTEC for addressing security challenges that hinder dev aspirations
Notable among them are the India–Myanmar–Thailand Trilateral Highway and the Kaladan Multi-Modal Transit Transport Project.
Both are crucial for seamless overland and maritime links between South and Southeast Asia, reflecting growing political commitment among member states, said the ICCB.
As the host of the Bimstec Permanent Secretariat and the current chair of the organisation, Bangladesh is well-positioned to lead important development initiatives, it said.
This includes accelerating transport projects such as roads, ports, and trade routes, particularly maritime routes.
The Bangkok Summit showed strong interest in improving maritime transport, which is a promising step toward resolving trade and shipping challenges in the region, said the ICCB.
The chamber, however, said the success of these plans will depend on the political stability and commitment of member countries.
For example, it said, the ongoing crisis in Myanmar remains a significant challenge to regional cooperation.