Bangladesh’s marine border has been expanded by 118,813 sq km, which includes 12 nautical miles of territorial sea and an EEZ that reaches 200 nautical miles out to sea. This vast area enriches with sea treasures that open a new path for the purpose of the Development of Bangladesh. The base of maritime development is known as the blue economy.
Blue economy
The term “blue economy” refers to the economics of using, protecting, and regenerating the marine environment. The more traditional fisheries, aquaculture, maritime transport, coastal, marine, and maritime tourism, coastal renewable energy, marine ecosystem services (such as blue carbon), seabed mining, and bioprospecting can all fall under this category.
More than 95% of the biosphere is found in the oceans, which span 72% of the surface of our blue globe. The seas are where life first began, and they still support all life today by producing oxygen, absorbing carbon dioxide, recycling nutrients, and controlling the climate and temperature of the entire planet. For global food security, livelihoods, and economic development, healthy oceans are crucial. Providing food for 9 billion people by 2050 in the face of climate change, economic and financial uncertainty, and intensifying competition for natural resources is one of the world’s greatest challenges of the twenty-first century. In order to maximize the potential of oceans, seas, and coasts for economic growth and employment creation, the globe developed the Blue Economy policy in 2012.
Maritime Victory and Economic Development: Bangladesh
The Marine triumph is seen as the greatest success since independence. Though the country became independent after a nine-month liberation struggle on December 16, 1971, the border, particularly its marine border, was not well-defined. There have been numerous attempts to determine the border with India and Myanmar, two nearby nations. The MoU that Bangladesh and Burma signed in 1974 stated that Bangladesh would have 12 nautical miles of territorial sea. However, new developments had not been made. The unresolved deal with Myanmar had caused Bangladesh a lot of problems. The nation might not have fully utilized its Exclusive Economic Zone (EEZ).
The country has divided the EEZ into 28 blocks in order to conduct gas and oil exploration because it is believed that the territory is abundant with natural resources, including gas. When the plane was about to be placed into operation, Myanmar contested that it owned at least 10 blocks in the Bay of Bengal. The project had been delayed as a result. Along with the conflict, Bangladeshi fishermen were barred from fishing in the Bay of Bengal by NASAKA (Burma’s border security force). Bangladesh ultimately made the decision to file a case with the International Tribunal for the Law of the Sea (ITLOS) to demarcate its maritime border and resolve the conflict with Myanmar. From September 8 through September 24 of last year, there were a few hearings at the ITLOS in Hamburg.
On March 14, Bangladesh won a landmark judgment against Myanmar, and as a result, it now controls almost 1,11,000 sq km of the Bay of Bengal. The victory, according to several economists and academics, will considerably aid Bangladesh in moving toward middle-income status by 2020.
Development of Blue Economy
In order to eradicate poverty, contribute to food and nutrition security, mitigate and adapt to climate change, and create sustainable and inclusive livelihoods, the blue economy approach stressed the importance of its ideas, principles, and norms. Therefore, the blue economy requires a balanced approach between the preservation, development, and utilization of marine and coastal ecosystems, all oceanic resources, and all oceanic services with a view to enhancing their value. It also creates respectable employment, a safe, prosperous marine economy, and healthy marine ecosystems. It goes without saying that for the majority of developing countries, especially Bangladesh, transitioning to the blue economy will require fundamental and systemic reforms to their frameworks for management, regulation, policy, and governance, as well as the identification of distinct maritime economic roles.
Lastly, Fishing, marine trade and shipping, energy, tourism, coastal protection, maritime safety, and surveillance have all been highlighted as having 26 maritime economic functions for the growth of the blue economy in Bangladesh. So the massive blue economy sector is creating a new era for Bangladesh’s future.
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Writer
Atika Afia Broty
Intern, Content Writing Department.
YSSE