EXPLORING THE OUTCOMES OF BANGLADESH'S MARITIME SETTLEMENTS WITH NEIGHBOURING NATIONS
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Abstract
Following its independence in 1971, Bangladesh embarked on a quest to establish its maritime rights, culminating in historic maritime settlements with Myanmar and India through the International Tribunal for the Law of the Sea (ITLOS) and the Permanent Court of Arbitration (PCA) in 2012 and 2014, respectively. These landmark judgments resolved longstanding disputes by delineating maritime boundaries, enabling Bangladesh to pursue the exploration and sustainable exploitation of offshore resources, including significant natural gas fields. These successes not only bolstered economic prospects and bilateral relations but also set a benchmark for regional maritime cooperation. Despite these victories, Bangladesh faces challenges in leveraging its maritime gains fully, hindered by gaps in government initiatives, technical know-how, and global collaboration. Addressing these challenges requires making Production Sharing Contracts (PSC) more appealing to International Oil Companies (IOCs), conducting thorough geological surveys, and implementing durable legal and regulatory frameworks to ensure sustainable and equitable offshore development. These strategic research moves are crucial for Bangladesh to maximize its maritime potential, promising a transformative impact on its economic landscape and securing long-term prosperity and energy security.
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