Enable BBIN MVA with financial, digital connectivity: Speakers
The Financial Express, September 04, 2019
Speakers at a dialogue laid emphasis on enabling the Bangladesh, Bhutan, India and Nepal (BBIN) Motor Vehicle Agreement (MVA) with appropriate regulatory, financial and digital connectivity to unlock the true potentials of economic integration of the signatories.
They mentioned that the MVA, which was signed in 2015, is yet to be implemented owing to a number of challenges pertaining to infrastructure deficit, differences in regulations and trust deficit.
The observations were made at a programme titled “Connectivity and Trade Facilitation in the BBIN Sub-region of the Indo-Pacific” organised at a hotel in the city on Wednesday, said a press release.
The speakers also underlined that digital connectivity including the use of new technologies, such as blockchains, should be effectively used to develop an online trade facilitation platform and appropriate risk management system to facilitate faster cargo clearance at border crossings.
CUTS International, a global public policy research and advocacy group, organised the regional policy dialogue with the support of US Department of State and in partnership with Unnayan Shamannay, Bangladesh, Bhutan Media and Communications Institute and Nepal Economic Forum.
According to the press release, the dialogue was arranged with the objective of what needs to be done for positioning the agreement for its effective implementation.
The implementation of the MVA is expected to commence in early 2020.
Mentioning that the agreement will directly and indirectly benefit the economies of Bangladesh, Bhutan, India and Nepal, CUTS International’s Executive Director Bipul Chatterjee said there is an imperative to look beyond the agenda of building roads and simple exchange of traffic rights.
“It should be enabled with appropriate regulatory, financial and digital connectivity among individuals, businesses and government if we are to unlock the true potential of their economic integration with each other,” said Bipul Chatterjee.
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