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BIMSTEC

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BIMSTEC

Why in news:

  • The first-ever Foreign Ministers’ meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) began in Bangkok, Thailand, on July 17.

About 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

  • The BIMSTEC member states Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are among the countries dependent on the Bay of Bengal.
  • There are 14 main sectors of BIMSTEC along technological and economic cooperation among South Asian and Southeast Asian countries along the coast of the Bay of Bengal.
  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
  • The BIMSTEC Permanent Secretariat at Dhaka was opened in 2014 and India contributes 32% of its expenditure.
  • In a virtual BIMSTEC Colombo summit which took place on March 30, 2022, decision was taken to reduce, re-constitute and reconstruct the number of sectors of co-operation from the unwieldy 14 to a more manageable 7.
  1. Trade, Investment and Development – Bangladesh
  2. Environment and Climate Change – Bhutan
  3. Security and Energy – India
  4. Agriculture and Food Security – Myanmar
  5. People-to-people Contact – Nepal
  6. Science, Technology and Innovation – Sri Lanka
    1. Connectivity – Thailand
  • The BIMSTEC Free Trade Area Framework Agreement (BFTAFA) has been signed by all member nations to stimulate trade and investment in the parties, and attract outsiders to trade with and invest in the BIMSTEC countries at a higher level.
  • The BIMSTEC Coastal Shipping Agreement draft was discussed on 1 December 2017 in New Delhi, to facilitate coastal shipping within 20 nautical miles of the coastline in the region to boost trade between the member countries.
  • On 7 and 8 November 2019, the first ever BIMSTEC Conclave of Ports summit was held in Visakhapatnam, India.
  • The main aims of this summit is providing a platform to strengthen maritime interaction, port-led connectivity initiatives and sharing best practices among member countries.
  • In 2022 summit saw the declaration of the Master Plan for Transport Connectivity that would provide a framework for regional and domestic connectivity.

Syllabus: Prelims

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