BIMSTEC

Context:- The BIMSTEC states are those which are on the shore or are adjacent to the Bay of Bengal and are dependent on it. It was formed on 6^th of June 1997, through the Bangkok declaration and is headquartered at Dhaka in Bangladesh.

BIMSTEC Full Form

BIMSTEC is an acronym for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. The grouping was renamed during the First Summit in Bangkok on 31 July 2004 from BIST-EC to BIMSTEC.

Brief about BIMSTEC

BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation) was formed in Bangkok on 6 June 1997. After Myanmar was included in the group during the special ministerial meeting held in Bangkok on 22 December 1997, the group’s name was changed to BIMST-EC. After becoming an observer in 1998, Nepal became a full member in 2004. Bhutan became a full member in 2004.

The General Secretary of BIMSTEC is Tenzin Lekphell of Bhutan.

The Chairman of BIMSTEC has been Sri Lanka since 2018.

Secretariat and Headquarters of BIMSTEC – Dhaka, Bangladesh.

2022 marks the 25th anniversary of the founding of BIMSTEC. The theme of the 2022 summit was “Towards a Resilient Region, Prosperous Economies, Healthy People.”

Objective of BIMSTEC

Tourism
Agriculture
Human resource development
Transport and communication
Trade and investment
Technology
Climate change
Energy
People-to-people contact
Counter-terrorism
Poverty alleviation
Raising the living standards
Environment and disaster management
Fisheries
Education and technical affairs
Public health
Cultural cooperation
Transnational crime

Principles of BIMSTEC

Sovereign Equality
Territorial Integrity
Political Independence
No-interference in Internal Affairs
Peaceful Co- existence
Mutual Benefit
Constitute an addition to and not be a substitute for bilateral, regional or multilateral cooperation involving the Member States.

Significance of BIMSTEC for India

BIMSTEC permits India to carry out 3 main policies Act East Policy (connect Southeast Asia and India), Neighborhood First Policy (the country’s near periphery should take precedence) and Northeastern Indian regions’ economic development via connecting them to the Bay of Bengal region via Bangladesh and Myanmar.
As the South Asian Association for Regional Cooperation (SAARC) begins to break down due to disputes between India and Pakistan, India needs a new forum to interact with its neighbours.
BIMSTEC enables India to combat China’s escalating influence in countries bordering the Bay of Bengal as a result of the Belt and Road Initiative’s expansion.

Frequently asked questions about BIMSTEC

What does BIMSTEC stand for?

BIMSTEC stands for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.

When was BIMSTEC formed and where is its headquarters?

BIMSTEC was formed on June 6, 1997, through the Bangkok Declaration. Its headquarters is located in Dhaka, Bangladesh.

How many member countries are there in BIMSTEC?

There are seven member countries in BIMSTEC: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Nepal, and Bhutan.

What are the objectives of BIMSTEC?

The objectives of BIMSTEC cover various sectors such as tourism, agriculture, human resource development, trade and investment, technology, climate change, energy, counter-terrorism, poverty alleviation, environment and disaster management, fisheries, education and technical affairs, public health, cultural cooperation, transnational crime, and more.