BIMSTEC members agree on importance of creating crisis response mechanisms

Bangkok [Thailand], July 18 : BIMSTEC Foreign Ministers exchanged views on regional and global issues of mutual concern.
During the BIMSTEC Foreign Ministers' Retreat hosted by Thailand on Monday, there was broad agreement on the importance of creating crisis response mechanisms to coordinate different contingencies. 
The BIMSTEC Foreign Ministers considered establishing digital payment systems, trade settlements and strengthening cooperation in cyber security and prevention of transnational crimes, Thailand Ministry of Foreign Affairs said in the statement.
The leaders welcomed the progress on the setting up of an Eminent Persons Group to prepare the road map for the organization to ensure the benefits to member countries and their people.
"There was a broad agreement on the importance of creating crisis response mechanisms to coordinate for different contingencies. Food, public health, energy, financial security, as well as trade and economic cooperation, were at the core of the discussions as well," Thailand's Ministry of Foreign Affairs said in a statement. 
It further said, "Furthermore, the meeting also considered establishing digital payment systems and trade settlements, as well as strengthening cooperation in cyber security and prevention of transnational crimes."
The seven BIMSTEC members expressed their renewed resolve to build a stronger, more resilient, and more relevant grouping, according to the statement.
The Retreat was chaired by Thailand's Deputy PM and Minister of Foreign Affairs Don Pramudwinai andBI attended by Bangladesh, Bhutan, India, Myanmar, Nepal, and Sri Lanka.  
External Affairs Minister S Jaishankar attended BIMSTEC Foreign Ministers Retreat. During the BIMSTEC Foreign Ministers Retreat, the leaders lauded the usefulness of the Retreat, which facilitated an exchange of ideas in an informal setting and agreed on the need to strengthen BIMSTEC’s organizational framework and collaborative mechanisms to make BIMSTEC a more effective body for growth and prosperity of the region.  
The BIMSTEC Foreign Ministers stressed that it is essential to hold discussions and coordinate on global and UN-related issues, including Sustainable Development Goals (SDGs) and climate change, according to Thailand's Foreign Ministry's statement.  The other topics which were raised included the BIMSTEC Foreign Ministers Retreat included BIMSTEC Grid Interconnection, agriculture technology, cultural cooperation, youth exchange, and diplomatic training.
The Ministers agreed to hold a Retreat on a regular basis, preferably in the first quarter of each year. India also offered to host the next BIMSTEC Ministerial Meeting on the sidelines of the forthcoming United Nations General Assembly in September 2023.
Currently, Thailand is the Chair of BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. 
Taking to his official Twitter handle, Jaishankar stated, "Just concluded a productive BIMSTEC Retreat in Bangkok. An open and forward-looking discussion among colleagues. Focused on strengthening resilience and coordination among BIMSTEC members, reflecting the challenges that we all confront today."
He further said, "Explored new facets and activities to enter new areas of cooperation. Food, health and energy security are common concerns. Technology solutions can be subject to both collaboration and the exchange of best practices. Our common objective is to enhance growth and promote prosperity. Agreed to meet more frequently to take these ideas further."