Bangladesh
and India have welcomed the decision of a UN tribunal that established a new
maritime border, ending a decades-long dispute. It's thought the ruling will
allow more economic exploitation of the Bay of Bengal.
On Tuesday,
the Hague-based Permanent Court of Arbitration (PCA) ruled on the disputed area
of the bay of Bengal, awarding the greater share of it to Bangladesh.
In its
verdict, binding on both countries, the court awarded 19,467 square kilometers
(7,516 square miles), from a total disputed area of 25,602, to India's smaller
neighbor.
The ruling
was welcomed by India, which said it paved the way for greater economic
cooperation between the two countries.
Bangladesh
declared the result a "win-win situation for the peoples of Bangladesh and
India." The development is expected to open the way for Bangladesh to
exploit of undersea resources and further develop its fishing industry.
"We
commend India for its willingness to resolve this matter peacefully by legal
means and for its acceptance of the tribunal's judgment," Foreign Minister
Abul Hassan Mahmood Ali told a news conference on Tuesday.
The ruling
means that Bangladesh will once again be eager to open up its waters for
foreign companies to explore for hydrocarbons in the resource-rich sea. The
maritime dispute is believed to have deterred firms from investing in the
"sea blocks" being offered by Bangladesh.
In 2012,
Bangladesh resolved a similar sea border dispute that had been a long standing point
of contention with neighboring Myanmar, with a ruling made by the International
Tribunal on the Law of the Sea in Hamburg.
Bangladesh,
with a population of 160 million and strong economic growth, has struggled with
energy supplies in recent years.
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