IORA economic potential untapped even after 20 years

The 22nd Indian Ocean Rim Association (IORA) Council of Ministers (COM) meeting stressed the importance of increasing economic cooperation in the Indian Ocean as "IORA market is not fully explored" by its member states even after more than two decades.

Replying to a question after the meeting on Wednesday at the hotel Intercontinental, Dhaka, Foreign Minister AK Abdul Momen said it was not a defence alliance; rather, it is an economic one. 

He laid emphasis on realising a regional trade agreement among the states in the Indian Ocean region to tap the intra-IORA trade and investment potentials.

"Each one is trying to take away the communication network of this area from another. Our effort is to increase the navigational facilities to make it free and open," said Momen.   

"Besides, it has been found that many parties are looting the resources from the Indian ocean. Our effort will be to collect resources by preventing the theft," he said. 

It happens in the form of attacking the ships which is called piracy or by excessive fishing, said Momen, adding that it is not committed by any country. A number of businesses or individuals commit these crimes.

Momen said IORA Development Initiative has progressed well to establish initiatives which will be finalised early next year.

Currently, IORA has six priority areas including maritime safety and security; trade and investment facilitation; fisheries management; disaster risk management; academic, science and technology cooperation; and tourism and cultural exchange.

Bangladesh proposed on 22nd meeting to include climate change as another cross cutting issue of IORA. The member states are agreed in principle to adopt it. 

Currently, IORA has 23 member states and 10 dialogue partners.  

Answering a question, Khorshed Alam, secretary, maritime affairs unit, foreign ministry, said the COM has agreed to include Saudi Arabia as new dialogue partner after resolving an issue. 

Bangladesh stresses regional trade agreement 

While chairing the IORA Council of Ministers (COM) meeting, Momen said, "The strengthening of economic relations among IORA member states through a regional trade agreement and the elimination of intra IORA trade and investment barriers are now more important than ever." 

He said the current intra-IORA trade ratio is 35% which is significantly lower than corresponding levels in the EU (60%) and North America (40%) while it is about half of the level of that in East and Southeast Asia.

Momen said IORA has evolved into an important regional group through sustained dialogue and cooperation and currently it is playing as a key driving force to ensure development, peace and stability in the region.

"However, we are yet to reap the benefits of our latent potentials to make IORA a significant platform of the region," he added.

A total of 141 foreign delegates including the 16 ministerial level representatives of 23 member states participated in the meeting that started on 22 November.