Prelims – Current events of International Importance.
Mains (GS II) – Regional Groupings.
Why in News?
Prime Minister Narendra Modi arrived in Thailand to attend the 6th 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
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Fisheries
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Tourism
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Transnational crime
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Trade and investment
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Agriculture
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Environment
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Technology
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Public health
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Natural disaster management
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Energy
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Poverty alleviation
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People-to-people contact
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Transport and communication
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Counter-terrorism
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- 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
- BIMSTEC | About
- The Hindu | BIMSTEC
