BIMP-EAGA Summit A Vital Avenue to Deal With Global Challenges -- MinDA Secretary
By Fatin Umairah Abdul Hamid
KUALA LUMPUR, May 27 (Bernama) -- The Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Summit serves as a vital and resilient platform for the four participating Southeast Asian countries to confront global challenges, particularly in the face of the United States tariff chaos.
In making the remark, Mindanao Development Authority (MinDA) Secretary and Philippine Signing Minister for BIMP-EAGA Leo Tereso A. Magno said the unilaterally imposed tariffs affect not only the four BIMP-EAGA countries, but also other member countries of the bloc and Timor-Leste.
“For me, it is very important to discuss the things that affect the whole world. I would like to think that ASEAN (Summit and Related Meetings) is one avenue for the 11 countries to discuss matters affecting them,” he told reporters after attending the 16th BIMP-EAGA Summit here today.
Magno also expressed hope that the Philippines would forge closer ties with Malaysia, not only in terms of trade but also investment and tourism.
Asked about the 46th ASEAN Summit hosted by Malaysia as the Chair for 2025, Magno praised the Malaysian government and expressed gratitude for its efforts in organising the event.
The Philippines will assume the chairmanship in 2026.
The BIMP-EAGA initiative is aimed at boosting growth in trade, investment and tourism through new intra-regional shipping routes and air links, as well as power interconnection projects. Other key areas of cooperation include agribusiness, tourism, the environment and socio-cultural education.
According to its website, the sub-region covers all of Brunei; the provinces of Kalimantan, Sulawesi, Maluku and West Papua of Indonesia; Malaysia’s Sabah, Sarawak and Labuan; and, for the Philippines, the island of Mindanao and the province of Palawan.
These areas are geographically distant from national capitals, yet strategically close to one another.
They account for over 60 per cent of the land area of the BIMP-EAGA countries, yet make up about 18.8 per cent of the total population and 18.4 per cent of the labour force.
BIMP-EAGA’s economy grew by 7.7 per cent in 2022. Its gross domestic product (GDP) at current prices was valued at US$392.1 billion (US$1=RM4.21), accounting for 18.9 per cent of the combined GDP of the four countries.
As of October 2023, the number of priority infrastructure projects (PIPs) under BIMP-EAGA had tripled to 129, amounting to US$38.87 billion, up from only 57 projects in 2017 when the BIMP-EAGA Vision 2025 was adopted.
-- BERNAMA