Ways to Strengthen Cooperation between BIMSTEC and IORA
Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) region is a natural contour of the Indian Ocean. BIMSTEC and Indian Ocean Rim Association (IORA) are siblings, which are interconnected through culture, commerce and connectivity. This chapter analyses the broad contour of IORA-BIMSTEC relations, discusses the scope and opportunities of cooperation and presents a set of goals to enhance the inter-regional cooperation between them. It presents some common challenges being faced the BIMSTEC and IORA and discusses the regional cooperation agenda in order to strengthen the partnership between the different regional blocs. Connected by ocean, BIMSTEC and IORA are interlinked in trade in goods and services. BIMSTEC and IORA are predominantly maritime nations and share the ocean to promote economic and strategic relations. The chapter concludes that BIMSTEC and IORA may consider promoting trade in their respective regions and with other regions through harmonization of non-tariff measures, trade and investment facilitation measures, etc.