The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization that fosters cooperation among South Asian and Southeast Asian countries.
It was established with the aim of promoting economic and technical collaboration. BIMSTEC plays a crucial role in regional connectivity and development.
Founding of BIMSTEC
BIMSTEC was founded on June 6, 1997, through the Bangkok Declaration. Initially, it started as BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation) and later expanded to include more countries, evolving into its current form.
List of BIMSTEC Member Countries & Their Joining Dates
| Country | Joining Date |
|---|---|
| Bangladesh | June 6, 1997 |
| India | June 6, 1997 |
| Sri Lanka | June 6, 1997 |
| Thailand | June 6, 1997 |
| Myanmar | December 22, 1997 |
| Nepal | February 2004 |
| Bhutan | February 2004 |
Objectives of BIMSTEC
- Enhance trade, investment, and economic integration.
- Promote connectivity in the transport and energy sectors.
- Facilitate cooperation in sectors like tourism, agriculture, technology, and climate change.
- Strengthen security and counter-terrorism efforts among member nations.
Key Achievements and Activities
- BIMSTEC Free Trade Agreement (FTA): Proposed to boost economic integration.
- BIMSTEC Energy Centre: Focuses on energy cooperation.
- BIMSTEC Transport Connectivity Master Plan: Aims to enhance regional connectivity.
- BIMSTEC Summit Meetings: The last summit was held in Colombo, Sri Lanka, in 2022. The current (latest) summit is going on in Thailand.
Importance of BIMSTEC
- Connects South and Southeast Asia, covering 1.7 billion people (22% of the world’s population).
- Acts as a bridge between SAARC and ASEAN.
- Provides a platform for regional collaboration without political tensions that hinder other regional organizations.
Challenges Facing BIMSTEC
- Lack of institutional framework and dedicated secretariat staff.
- Slow implementation of agreements and projects.
- Political tensions among member states affect cooperation.
BIMSTEC continues to be a crucial platform for regional cooperation in South and Southeast Asia. While challenges remain, its strategic initiatives and collaboration efforts hold great potential for economic growth, security, and development in the region.
Tags:
