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

Prelims – Current events of International Importance.

Mains (GS II) – Regional Groupings.

Why in News?

Prime Minister Narendra Modi arrived in Thailand to attend the 6^th BIMSTEC Summit.

• It is a regional organization comprising Member States lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
• Established in - June 1997, with the signing of the Bangkok Declaration.
• Founding members - BIST-EC (Bangladesh-India-Sri Lanka-Thailand Economic Cooperation).
• After Myanmar joined in December 1997, the group was renamed BIMSTEC.
• Current Members – Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.

The region is home to around 1.8 billion people, nearly 22% of the global population, and has a combined gross domestic product (GDP) of US$3.6 trillion.

• Secretariat - Dhaka, Bangladesh.
• Aim - Promotion of economic cooperation between the member countries.
• Priority areas

• Objectives - To create an enabling environment for rapid economic development.
• To accelerate the economic growth and social progress in the Bay of Bengal region.
• To promote active collaboration and mutual assistance on matters of common interest in the economic, social, technical and scientific fields.
• To provide assistance to each other in the form of training and research facilities in the educational, professional and technical spheres.
• Principles - Sovereign equality, territorial integrity, political independence, non-interference in internal affairs, non-aggression, peaceful co-existence, mutual respect and mutual benefit.
• Significance of BIMSTEC for India - BIMSTEC is seen as the extension of India’s Neighbourhood First Policy.
• BIMSTEC facilitates India's "Act East" policy by enhancing connectivity between South Asia and Southeast Asia, particularly benefiting India's Northeast region, which serves as a gateway to Southeast Asia.
• BIMSTEC overcomes challenges posed by Pakistan in the South Asian Association for Regional Cooperation (SAARC) by focusing on like-minded nations.
• BIMSTEC strengthens India's strategic depth and regional influence in the Indo-Pacific, countering potential challenges from other regional powers.

References

1. BIMSTEC | About
2. The Hindu | BIMSTEC