The Bay of Bengal Initiative for Multi-Sectoral Technical and | Dr. B R AMBEDKAR IAS ACADEMY
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a multilateral regional organisation established with the aim of accelerating shared growth and cooperation between littoral and adjacent countries in the Bay of Bengal region.
History
* Initially, the economic bloc was formed with four Member States with the acronym ‘BIST-EC’ (Bangladesh, India, Sri Lanka and Thailand Economic Cooperation).
* Following the inclusion of Myanmar on 22 December 1997, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation).
* With the admission of Nepal and Bhutan at the 6th Ministerial Meeting (February 2004, Thailand), the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).
Significance
* The regional group constitutes a bridge between South and South East Asia & is a sector-driven organisation
* Aim of setting up the regional grouping was to revive the connectivity and common interests of the members of the Bay of Bengal region
* The BIMSTEC region hosts 22% of the world population or 1.68 billion people; and the member states have a combined GDP of US$3.697 trillion/per year.
Sectors covered
Trade, Technology, Energy, Transport, Tourism,Fisheries, Agriculture, Public Health, Poverty Alleviation, Counter-Terrorism, Environment, Culture, People-to-People Contact & Climate Change
India in BIMSTEC
* For India, BIMSTEC goes well with ‘Act East’ policy for greater regional cooperation in southeast Asia
* It aligns with India’s larger goal to gain trade and security prominence in the Indian Ocean region & cater to the concept of the ‘Indo-Pacific’ region
* Another important factor for India in becoming a prominent leader in the Bay and maintaining peace and security
* India also made efforts to enhance the pace of BIMSTEC’s progress in recent years.
* The BIMSTEC Energy Centre was set up in Bengaluru, along with the BIMSTEC Business Council, a forum for business organisations to promote regional trade.
