India faces a tricky situation as it is the largest economy in the grouping
BIMSTEC is a complex acronym for the Bay of Bengal Multi Sectoral Technical and Economic cooperationamong 7 countries in South and Southeast Asia. The length of the acronym apart, a rudderless leadership in the past from seven countries which constitute BIMSTEC has ensured that it never got the clout,that regional platforms like ASEAN have. BIMSTEC held its fifth summit in Sri Lanka this week. It as a platform for economic growth,prosperity and trade for the region was conceivedto be a carve out from SAARC and ASEAN, given the apprehensions, many of the participating countries have with the two blocks. Five members of SAARC and two members of ASEAN form the seven countries which constitute BIMSTEC currently. In the 25 years of existence, the summit, in Sri Lanka for the first time, tried to provide an architectural framework for BIMSTEC. It has for the first time institutionalised the future roadmap, by agreeing to have yearly foreign affairs minister’s meeting and summits every two years. The member-countries are home to nearly a quarter of the human population and have nearly $4 trillion combined GDP. They have a huge potential for growth and large market potential, as has been evidenced by nearly doubling of Bangladesh and Nepal’s GDP during the period BIMSTEC has been in existence. Sadly, BIMSTEC had no role to play in this growth story because unlike ASEAN, it doesnot have a free trade agreement amongst its members. One of the issues discussed in Colombo was a quick conclusion to a free trade agreement for bringing increased prosperity to citizens. However, the legacy challenges of mistrust amongst BIMSTEC partners and the rise of non-democratic forces in national politics (Myanmar) could stall the process. The political leadership addressing BIMSTEC cooperation have to realise that pushing a free trade agreement is going to be a domestic exercise, where their own political opponents would create roadblocks.
This is a tricky situation for India as it is the largest economy in the grouping and has a unique share of voice amongst the partners(without China or Pakistan presence). India is also not part of any regional economic cooperation framework such as Regional Comprehensive Economic Partnership (RCEP). This leaves India with the only choice of forging many bilateral trade and economic cooperation agreements with the regional players, leaving out potential access to large seamless free trade market. In this regard India needs to emulate the Indo-Pacific Economic Strategy being currently collated by President Joe Biden led US government, as a tool for increasing access and influence in the region. The nuanced contours of the US strategy are still under developmenthowever a broad statement of purpose, vision, goals and clear threats have been identified. India has always maintained a bipartisan, strategically nonaligned approach towards its foreign policy.However,defining avision, mission and its proposed approach towards Indo Pacific region could help in achieving the targets and open up new inroads for regional cooperation. India needs regional partners such as BIMSTEC and ASEAN for its goal of achieving a $5 trillion economy. These countries also form and influential axis in India’s overall Indo-Pacificstrategy, QUAD framework and current government’s focus on neighbourhood first policy. China is a constant threat to the democratic sovereign countries in South Asia. It has used economic and militarycoercion to undermine the sovereign status of many nations in the Indo Pacific belt ofAsia. The only bulwark against China for many of these smaller countries is an economically powerful, democratic India, which vouches for a rules-based global order. India will have to don the mantle of being the elder sister in BIMSTEC without being overtly assertive.
(The writer is a policy analyst. The views expressed are personal.)