Dhaka, April 6 -- The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and the Indian Ocean Rim Association (IORA) have signed a Memorandum of Understanding (MoU) on the occasion of the 6th BIMSTEC Summit held in Bangkok, Thailand recently.

This partnership will also be instrumental in jointly addressing the security and developmental challenges in the region and beyond, said the BIMSTEC Secretariat on Monday.

BIMSTEC Secretary General Indra Mani Pandey and IORA Secretary General Sanjiv Ranjan signed the MoU on behalf of their respective organizations.

The signing of the MoU was welcomed by the BIMSTEC Leaders, marking a significant step in deepening inter-regional cooperation, said the BIMSTEC S...