Several years have passed since Bangladesh successfully resolved its long-standing maritime boundary disputes with Myanmar and India -- an achievement widely hailed as historic. Yet, with the passage of time, a quiet unease has set in. The verdicts of the international tribunals were not merely about drawing lines on nautical charts; they symbolised the opening of a vast horizon of opportunity. That horizon, often described as the promise of the "blue economy," still remains unexplored. Following the rulings, there were animated discussions among relevant quarters about the urgency of unlocking the ocean's economic potential through coherent policies and institutional readiness. Those discussions, however, have not translated into meaningful action. Apart from the establishment of a small "cell" under the Energy Division, little substantial has been done to develop a structured programme for marine exploration and sustainable utilisation. The result of this prolonged inaction has been two-fold: while the country has failed to harness its marine wealth, the seas have increasingly borne the cost of neglect.

A recent multinational marine fisheries and ecosystem survey brings this reality into sharp focus. Presented to the Chief Adviser, the findings reflect both promise and peril. Conducted over a month between August 21 and September 21  last year, the survey involved 25 scientists from eight countries, including 13 Bangladeshi researchers. It confirms the vast aquatic potential of Bangladesh's deep-sea waters and identifies a critical fish nursery beneath the Sundarbans mangrove forest. Yet the same study warns of mounting pressure from overfishing, aggressive industrial practices and the reckless spread of plastic pollution. The evidence is alarming. Plastic waste has been detected at depths of up to 2,000 metres, a stark reminder that marine pollution knows no bounds. Comparisons with a 2018 study reveal a sharp decline in large fish species in deep waters, while stocks in shallow coastal areas are dwindling at an alarming rate. Officials point out that between 270 and 280 large trawlers currently operate in deep-sea fishing, with around 70 employing targeted fishing-an aggressive method that boosts profits for large operators but devastates ecosystems and marginalises small-scale fishers who depend on coastal waters.

Now, it is worth recalling the scale of what Bangladesh secured through international arbitration. From the disputed area in the Bay of Bengal claimed by India, Bangladesh gained 19,467 square kilometres out of 25,602. Against Myanmar, it upheld its claim to a 200-nautical-mile exclusive economic zone and territorial rights. These were not symbolic victories; but strategic gains. Yet, preparation and planning have lagged far behind required actions. A domain that demands specialised knowledge and long-term vision has not been entrusted adequately to experts.

The case for a well-empowered, dedicated authority to oversee the blue economy is therefore compelling. Such a body could provide a coherent framework for exploration, implementation and monitoring, while also designing viable and responsible business models for investors. Without decisive institutional leadership the blue economy risks its consignment to a mere evocative phrase -- rich in promise, poor in practice.