Regional integration in Bay of Bengal region in post-covid-19 period
Keywords:
Bay of Bengal, regional integration, post-COVID-19, BIMSTEC, economic growth, trade facilitation, public health, regional cooperationAbstract
The Bay of Bengal region, encompassing seven nations, faces significant challenges and opportunities for regional integration in the post-COVID-19 period. This paper explores the economic trends, impact of the pandemic, and regional cooperation initiatives within the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). Analyzing GDP growth, trade dynamics, and future trade scenarios using a Gravity model, the study anticipates both challenges and prospects for regional economic recovery. Amidst the pandemic, Bay of Bengal countries have suffered immense economic losses, prompting intensified efforts towards regional cooperation. The paper delineates strategies for addressing post-pandemic challenges, emphasizing the importance of public health collaboration, trade facilitation, and economic growth restoration. It underscores the role of BIMSTEC in fostering regional integration and recommends measures to enhance cooperation for a resilient and prosperous Bay of Bengal region.
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