More than 355 regional trade agreements are currently in existence around the world, and they play an important collective role in a global economy beset by climate impacts, post-pandemic effects, and conflicts such as the Russia-Ukraine war. The development of efficient and sustainable value chains is becoming increasingly linked with these regional agreements. The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is one such organization that acts as a bridge between South Asia and Southeast Asia, regions that are collectively home to 1.8 billion people with a combined GDP of $3.6 trillion.
On March 5, IFPRI signed a Memorandum of Understanding (MoU) with the BIMSTEC Secretariat in Dhaka, Bangladesh, with the aim of contributing towards achieving a sustainable and inclusive food, agriculture, and trade transformation in the region. IFPRI, with support from the Bill & Melinda Gates Foundation and the BIMSTEC Secretariat, is conducting research and facilitating capacity sharing in the region to help realize BIMSTEC’s full potential in the agrifood domain. IFPRI has developed a conceptual framework for BIMSTEC that incorporates the interrelationships across economic activity and commerce, environment and climate change, and development including poverty and food security.