BIMSTEC: A REGIONAL COOPERATION INITIATIVE

 What is BIMSTEC?

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of seven South Asian and Southeast Asian nations. It comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand, with a total population of 1.73 billion people and a combined GDP of $5.2 trillion (2023). The organization focuses on regional cooperation, particularly in sectors dependent on the Bay of Bengal.

History

1997: Formed as BIST-EC with Bangladesh, India, Sri Lanka, and Thailand.

1997: Myanmar joined, renaming it BIMST-EC.

1998: Nepal became an observer.

2004: Nepal and Bhutan became full members, and the name changed to BIMSTEC.

Headquarters?

The BIMSTEC Secretariat is in Dhaka, Bangladesh. Leadership rotates in alphabetical order among member nations.

Objectives

BIMSTEC aims to:

Enhance technological and economic cooperation among member nations.

Foster trade, investment, and communication links.

Promote education, training and research in vocational and technical fields.

Encourage mutual assistance in economic, social, scientific, and technical sectors.

Support socio-economic growth across the region.

Its priority sectors

BIMSTEC focuses on 14 priority sectors, each led by a member nation:

1. Trade & Investment
2. Transport & Communication
3. Energy
4. Tourism
5. Technology
6. Fisheries
7. Agriculture
8. Public Health
9. Poverty Alleviation
10. Counter-Terrorism & Transnational Crime
11. Environment & Disaster Management
12. People-to-People Contact
13. Cultural Cooperation
14. Climate Change

(Sectors 7-13 were added in 2005, and Climate Change was added in 2008.)

BIMSTEC Free Trade Agreement

BIMSTEC is negotiating a Free Trade Agreement (FTA) to enhance economic ties, similar to SAARC.

Compiled by Ravneet Kaur