The 4th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit concluded on Friday with the member states approving an 18-point Kathmandu Declaration. 

In the two-day summit held in Kathmandu on August 30-31, the heads of state and government of the seven member states reaffirmed strong commitment to making BIMSTEC a dynamic, effective and result-oriented regional organisation for promoting a peaceful, prosperous and sustainable Bay of Bengal Region through meaningful cooperation and deeper integration.

Acknowledging that enhanced inter-linkages and inter-dependence within the economies and societies in the BIMSTEC member states provide greater opportunity to advance regional cooperation, the summit underlined the importance of multidimensional connectivity for economic integration and shared prosperity.  

The declaration has acknowledged the importance of trade and investment as one of the major contributing factors for fostering economic and social development in the region. 

Likewise, the member states have expressed commitment to work together to end poverty from the region by 2030 in line with the United Nations Sustainable Development Goals.  The countries have also pledged to stand collectively against terrorism and terrorist financing.

The summit concurred that BIMSTEC countries are not immune to terrorism and transnational organised crimes and agreed to cooperate and adopt a comprehensive approach to combat terrorism and transnational organised crimes 

The declaration includes cooperation in other areas such as agricultural technology exchange, fight against terrorism, gradual reduction of the impact of climate change, increase trade and investment, and ease the visa processing for the people of BIMSTEC member states.

After a closing speech, Prime Minister Oli, who is the current chair of BIMSTEC, handed over the chairmanship of the next BIMSTEC summit to Sri Lankan President Maithripala Sirisena.

Nepal and India are preparing to sign a bilateral agreement at 4 pm today. The two neighbours are likely to sign an agreement on a feasibility study for Janakpur-Kathmandu railway. Nepal is also signing some agreements with Sri Lanka on Saturday, sources said.

At the bilateral meeting with PM Oli earlier this morning, Prime Minister of Thailand Prayut Chan-o- cha gifted symbolic medicines and medical equipment worth of 1.5 million US Dollars to Nepal.

Earlier today, BIMSTEC Foreign Ministers signed the MOU on the establishment of BIMSTEC Grid Interconnection in the presence of their heads of state or government.