BIMSTEC Coastal Shipping Agreement
- The objective of agreement is to facilitate coastal shipping in region to give boost to trade between member countries.
- It will apply to coastal shipping that is shipping within 20 nautical miles of coastline.
- Once agreement is ratified by member countries and becomes operational, it will facilitate lot of cargo movement between member countries can be done through cost effective, environment friendly and faster coastal shipping route.
Need for Agreement
The requirements for movement of vessels within 20 nautical miles of coastline are different from standard requirements of deep sea shipping. Coastal ship movements require smaller vessels and lesser draft, and therefore, involve lower costs.