BIMSTEC Conclave

Why in News?

Recently, Third BIMSTEC Conference on Traditional Medicine, Genetic Resources & IPR began in Goa with focus on conservation and benefit‑sharing.

• 3^rd BIMSTEC Conference on – Traditional Medicine Knowledge, Genetic Resources and Intellectual Property Rights
• Commenced in – Goa.
• Organised by – Ministry of Ayush, Government of India, with the All-India Institute of Ayurveda (AIIA), Goa, serving as the nodal institute.
• Parallel Nodal Group Meeting – It is being held alongside the 2^nd Meeting of the BIMSTEC Nodal Group on Traditional Medicine Knowledge, Genetic Resources and Intellectual Property Rights.
• Representatives from – BIMSTEC member countries such as Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand, shared their respective national policies, legal frameworks and experiences.
• Objectives – To develop a collaborative framework that promotes the conservation of traditional knowledge while encouraging legitimate research and innovation.
• To safeguard the interests of communities through prior informed consent, mutually agreed terms and equitable benefit-sharing.

Evolution of BIMSTEC

• On 6 June 1997, a new sub-regional grouping was formed in Bangkok under the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
• Following the inclusion of Myanmar in 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed 'BIMST-EC' (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation).
• In 1998, Nepal became an observer.
• In February 2004, Nepal and Bhutan became full members.
• Leadership is rotated in alphabetical order of country names.
• The permanent secretariat is in Dhaka, Bangladesh.
• It serves as a strategic regional bridge connecting South Asia and Southeast Asia.
• BIMSTEC acts as a strategic geographic and economic bridge connecting the regional blocs of SAARC and ASEAN.

Reference

PIB | BIMSTEC Conclave