- Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
Bangladesh-Bhutan-India-Nepal (BBIN) initiative
What to study?
For Prelims and Mains: BBIN- features, need and significance.
Context: The Bhutan government has decided to send the bill for ratification of the Bangladesh-Bhutan-India-Nepal (BBIN) initiative for road and rail connectivity to its upper senate.
Bangladesh, Bhutan, India and Nepal (BBIN) had signed a framework MVA in June 2015 to enable movement of passenger and cargo vehicles across borders among the four countries. Bhutan has not yet ratified the pact for its entry to come into force. However, Bhutan had given its consent for the BBIN MVA to enter into force amongst the other 3 countries i.e. Bangladesh, India and Nepal, who have already ratified it.
About BBIN MVA:
What is it? The landmark MVA was signed by Transport Ministers of the BBIN countries in Thimphu, Bhutan on 15 June 2015. As per the agreement, member countries would allow vehicles registered in the other countries to enter their territory under certain terms and conditions. Customs and tariffs will be decided by the respective countries and these would be finalised at bilateral and trilateral forums.
Objective: The main objective of the agreement is to provide seamless people-to-people contact and enhance economic interaction by facilitating cross border movement of people and goods.
Benefits: It would permit unhindered movement of passenger and cargo vehicles among the four countries. Cargo vehicles do not have to be changed at the border, a practice that has prevailed until now. The BBIN agreement will promote safe, economical efficient and environmentally sound road transport in the sub-region and will further help each country in creating an institutional mechanism for regional integration.
Assistance from ADB: The Asian Development Bank(ADB) has been providing technical, advisory, and financial support to the BBIN MVA initiative as part of its assistance to the South Asia Sub regional Economic Cooperation (SASEC) program, a projects-based economic cooperation initiative that brings together the BBIN countries, Maldives, Sri Lanka and more recently, Myanmar. ADB is the secretariat of SASEC.
Sources: the hindu.