BIMSTEC needs more financial resources: Brookings India's Constantino Xavier

BIMSTEC or Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is an important regional grouping of nations and India's key focus area. Besides India, BIMSTEC comprises Bangladesh, Myanmar, Sri Lanka, Thailand, Nepal and Bhutan.

As WION hosts the first episode of its monthly event WION World Order, the talking point in BIMSTEC. Constantino Xavier, Fellow at think tank Brookings India, feels BIMSTEC has the power to succeed provided it gets more financial resources.

"For regional cooperation and integration to succeed in the Bay of Bengal, India must empower BIMSTEC with more financial resources, expert staffing and organisational autonomy," he said.

Xavier is part of the panel taking part in discussions on creating shared value and consolidating economic integration under BIMSTEC. The discussion will focus on how to increase shared prosperity among the BIMSTEC member countries. The theme for the event is BIMSTEC: One Bay, One Belief - Shared Prosperity.

Founded in 1997, BIMSTEC currently represents over 1.5 billion people and having a combined gross domestic product of US $2.7 trillion.

The monthly event will look at various groupings like ASEAN, G-20, SCO, and the impact they have created over the years. The focus will, of course, be on India's position in these groups and how much they have been able to create shared prosperity.

Given the geo-strategic importance of the South Asian region and relationships amongst the countries in the region, the event will showcase India's commitment and push for strong relations with member countries of the group.