Intraregional Trade and Sustainable Development Goals: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation

COVID-19 has slowed down the implementation of Sustainable Development Goals (SDGs). Cross-border trade, having substantial impacts on the welfare of households, firms, and the economy, could play a critical role in fostering the attainments of SDGs. This chapter attempts to elucidate the comprehensive approach of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) in evolving its intraregional trade and other cooperation agenda over time. Specifically, the dynamics of intraregional trade are followed from both the regional perspective as well as each country’s point of view. Besides, some conceptual frameworks from existing literature are explained to understand the role of trade liberalization in attaining the SDGs. A few empirical pieces of evidence are provided to realize how intraregional trade liberalization would benefit BIMSTEC countries in this regard. Using a series of literature reviews, this study lists the current challenges and prospects of intraregional trade in BIMSTEC, in general, and also in the context of the COVID-19 pandemic. It also provides substantial indications from the existing literature on identifying key areas of policy frameworks and reforms in the post-COVID era to strengthen the regional cooperation among BIMSTEC members.