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Global Meltdown

Bimstec to fight crisis together

Pallab Bhattacharya, New Delhi
The Bimstec member countries yesterday accepted Bangladesh's offer to host a poverty alleviation centre in Dhaka and decided to put in place a joint mechanism to combat terrorism.
They also vowed to step up cooperation to tackle the challenges posed by global financial meltdown and food and energy security.
The call came in a joint declaration adopted at the daylong second summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic
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Cooperation (Bimstec) in the Indian capital.
According to the declaration, the Bimstec members will hold the second ministerial conference on poverty alleviation in Nepal next year.
It called for strengthening regional cooperation in poverty alleviation in the context of ensuring food security for vulnerable people in the region.
The declaration said the Bimstec membercountries agreed rb initiateshort and Idng- termpirit191 research programmes to increase productivity and yields in the region.
The countries also agreed to enhance connectivity and speed up talks on the proposed free trade agreement.
Indian Prime Minister Manmohan Singh, who chaired the second summit of Bimstec countries, told reporters that leaders had agreed on putting in place a convention on combating terrorism, which is ready and can be signed anytime.
The leaders of the member countries expressed concern over the 'threat tenor poses' to member countries and their development. Manmohan said.
"There was a common desire among all leaders to work together to meet these challenges," he said after the summit attended by Sri Lankan President Mahinda Rajapaksa. Nepalese Prime Minister Pushpa Kamal Dahal Prachanda, Bangladesh's Chief Adviser Fakhruddin Ahmed. Myanmar Prime MinisterThein
Sein, Bhutanese Prime Minister Jigmi Y Thinley and Thai Premier Somchai Wangsawat.
The summit also discussed the challenge posed by the global financial crisis and ways to deal with it collectively.
The Bimstec countries decided to enhance collaborative efforts face the global financial crisis.
After the formal summit, the leaders of the seven countries went on a retreat and discussed several pressing issues confronting the Bimstec including climate change, food and energy crises and international financial crisis, and there was a desire among all the leaders to work together to meet these challenges, Singh said.
The Joint Declaration said the member countries decided to set up a permanent secretariat of the Bimstec but left unspecified the place.
CA CALLS FOR FOOD SECURITY Stressing the need for stronger regional cooperation, Chief Adviser Fakhruddin Ahmed earlier called on Bimstec countries to craft an institutional mechanism for building food security and place climate change high on their agenda.
He said the grouping should explore all possible options of renewable sources of energy including Solar power, hydropower and biofuels, and called for a target date for the Bimstec Free Trade Agreement to come into effect
The CA was speaking at the second Bimstec summit in New Delhi Indian Prime Minister Manmohan Singh inaugurated the one-day plenary.
Bimstec groups Bangladesh, Bhutan, India. Myanmar. Nepal, Sri Lanka andThailand.
Fakhruddin said rising food .pnces again highlights the impor-
tance of development of agriculture for poverty alleviation in countries like Bangladesh.
He said the 21st century belongs to Asia, but that the continent cannot truly tap the potential without dealing with the problems of high food, prices and energy shortage.
He proposed the institutional mechanism for food security' as short-term measures, after the fashion of theSaarc Food Bank.
Calling for more South-South leibperalibn, the CA8Wa«^<»» ' financial meltdown has posed a threat to the developingcountries.
On climate change, he said even a one metre rise in the sea level would inundate one-fifth of Bangladesh, rendering 25-30 million people homeless.
"I. therefore, propose that climate change be included as a priority area of the Bimstec". he said.
He emphasised sorting out tariff and non-tariff barriers to usher in free trade in goods among the Bimstec countries.
The CA offered to host the permanent secretariat of Bimstec in Dhaka.
Indian Prime Minister Manmohan Singh in his speech said new trans-national challenges like climate change, energy and food security "threaten our development efforts and terrorism and threats from the sea continue to challenge the authority of the state."
He said globalisation and economic interdependence offer opportunities for growth and prosperity', but the recent global economic and financial crisis has shown that they have their downside as well.
He said the summit provided an opportunity for the member countries to give a new strategic thrust to Bimstec in the background of these changes.
"We need to coordinate on issues of maritime transport such as construction of a deep-water port to service the region, inter-modal connectivity, cooperation amongour port authorities and our shipping and logistics networks", said the Indian premier.
He proposed to share with other Bimstec countries information and data from India's Tsunami Early WarningCentre.
Manmohan offered additional 150 scholarships to member countries to encourage greater exchange of technical know-how in areas of mutual benefit
"I feel that we should do something visible in the area of trade and economic cooperation as a manifestation of our ability to do some-thingbigtogether," hesaid.
Manmohan said early conclusion of the Bimstec free trade agreement would be "a shining symbol ofourcooperation".
Bhutanese Prime Minister Lyonchhen Jigmi Y Thinley, Myanmar’s Prime Minister Gen Thein Sein, Nepalese Prime Minister Pushpa Kamal Dahal Prachanda’, Sri Lankan President Mahinda Rajapaksa and Thai Prime Minister Somchai Wangsawat addressed the plenary session in alphabetical order.
Foreign Affairs Adviser Iftekhar Ahmed Chowdhury, among others, accompanied the chief adviser.