From the tales of Lord Rama to the wisdom of Lord Buddha, the South Asian and Southeast Asian regions are not only historically intertwined, but also founded on a shared cultural heritage. Perhaps this shared history alone was enough to convince four nations under the Bangladesh, India, Sri Lanka and Thailand Economic Cooperation (Bist-Ec) arrangement to come together to pen the Bangkok Declaration on June 6, 1997, to promote economic development, social progress and regional cooperation.
But in reality, the Bimstec framework (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation), a later iteration that welcomed Nepal, Myanmar and Bhutan, has been an organisation in name only throughout its existence. For 25 years, it has suffered from inconsistent commitments, either due to a lack of political will or finances. However, all that changed on Wednesday when member states met virtually in Colombo for the fifth time with much fanfare, with a renewed sense of optimism. A charter was signed, cementing clear long-term goals in seven areas, each assigned to one country, while a flag and emblem were also adopted.
For Thailand, which is leading the connectivity charge, Bimstec is a unique opportunity to kickstart its post-Covid economic recovery -- and ensure it is not reliant only on trading partners in Asean and the Indo-Pacific, a region where geopolitical tensions are on the rise. Having diversity and balance is important, and although the country has historically looked East, it has much to gain by realising its "Look West" policy.
