BIMSTEC: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation

BIMSTEC

Friends, today we know about another internation alliance which constitutes a group named after the Bay of Bengal in India. You got its name many times in TV, newspapers and must have heard, why are these group, what works, is India a member of it, let's know the answers to all the questions

 

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization, consisting of 7 member countries in the adjacent and adjacent areas of the Bay of Bengal, forming a regional unity. This sub-regional organization came into existence on 6 June 1997 through the Bangkok Declaration. It constitutes seven member states: Bangladesh, Bhutan, India, Nepal, Sri Lanka, and two more from Southeast Asia, Myanmar and Thailand. Initially, the economic bloc was formed with four member nations, abbreviated as 'BIST-EC' (Bangladesh, India, Sri Lanka and Thailand Economic Cooperation).

 After incorporating Myanmar on 22 December 1997 during a special ministerial meeting in Bangkok, the group was renamed as 'BIMST-EC' (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation). With the entry of Nepal and Bhutan at the 6th Ministerial Meeting (February 2004, Thailand), the grouping was renamed as ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).

 

 

 

Importance of BIMSTEC

The regional agglomeration forms a bridge between South and Southeast Asia and represents the strengthening of relations between these countries. BIMSTEC has also established a forum for inter-regional cooperation between SAARC and ASEAN members. The BIMSTEC region is home to 1.5 billion people, accounting for about 22% of the global population with a combined GDP of the 2.7 trillion economy. Over the past five years, BIMSTEC member nations have been able to maintain an average of 6.5% economic growth despite the global financial meltdown

 

The purpose of building such alliances was to reduce the onslaught of globalization and to promote shared and accelerated development through mutual cooperation in various areas of common interests using regional resources and geographical advantages.

Unlike many other regional groups, BIMSTEC is a sector-driven cooperative organization. Starting in late 1997 with 6 sectors for regional cooperation, including trade, technology, energy, transport, tourism and fisheries, it expanded to 9 more regions extended to embrace - including agriculture, public health, poverty alleviation, counter-terrorism, environment, culture.

Chairmanship

BIMSTEC uses alphabetical order for chairmanship. BIMSTEC is headed (1997-1999) in starting the rotation with Bangladesh.

 

Headquarter 

BIMSTEC headquarters is located in Dhaka, Bangladesh and was opened on 13 September 2014 by Bangladeshi Prime Minister Sheikh Hasina. This regional group serves as a bridge between Southern and South Eastern countries in Asia. It represents the strengthening of relations between these nations.

 

 

 

 

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