Why is it in the News?

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) will now be open to new members and observers after a historic first charter of the grouping came into force on 20 May.

What is BIMSTEC?

• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a multilateral regional organization that brings together seven member states located in the littoral and adjacent areas of the Bay of Bengal, forming a contiguous regional unity.
• Aims: The primary aim of BIMSTEC is to accelerate shared growth and cooperation among littoral and adjacent countries in the Bay of Bengal region.
• Formation: The organization was initially founded as BIST-EC in June 1997, following the adoption of the Bangkok Declaration.
  • The founding members included Bangladesh, India, Sri Lanka, and Thailand.
• With Myanmar's entry in late 1997, the organization evolved into BIMST-EC (Bangladesh, India, Myanmar, Sri Lanka, and Thailand Economic Cooperation).
• In 2004, the inclusion of Nepal and Bhutan led to the formation of BIMSTEC, as we know it today.
• The current member states comprise five South Asian nations: Bangladesh, Bhutan, India, Nepal, and Sri Lanka, and two Southeast Asian nations: Myanmar and Thailand.
• BIMSTEC's Permanent Secretariat is situated in Dhaka, Bangladesh, serving as a hub for regional cooperation and coordination among member states.

Areas of cooperation:

• BIMSTEC functions as a sector-driven cooperative organization, initially focusing on six key sectors: Trade, Technology, Energy, Transport, Tourism, and Fisheries.
• Over time, the scope of cooperation has expanded, and as of now, BIMSTEC has identified 14 priority areas of cooperation.
• The inclusion of Climate Change in 2008 marked the 14th priority area.
• Within these priority areas, each member country takes responsibility for leading specific sectors.
• This allows for focused efforts and utilization of regional expertise.
  • India, for example, is the leading country in several crucial areas, including Transport & Communication, Tourism, Environment & Disaster Management, and Counter-Terrorism & Transnational Crime.
• This leadership role involves coordinating initiatives, sharing best practices, and driving collaborative efforts within these sectors to enhance regional development and cooperation.