Context:
Recently, Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has recently achieved an important milestone with the charter of the grouping coming into force on 20th May 2024.
Relevance:
GS-II: International Relations (Foreign Policies affecting India’s Interests, Important International groupings), Prelims
Dimensions of the Article:
- About BIMSTEC
- History of Formation of the BIMSTEC
- Significance of BIMSTEC
About BIMSTEC
- The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of seven nations of South Asia and Southeast Asia:
- Bangladesh
- Bhutan
- India
- Nepal
- Sri Lanka
- Myanmar (South-east Asia)
- Thailand (South-east Asia)
- Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are the member states dependent on the Bay of Bengal.
- Its members lie in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity. BIMSTEC not only connects South and Southeast Asia, but also the ecologies of the Great Himalayas and the Bay of Bengal.
- Fourteen priority sectors of cooperation have been identified and several BIMSTEC centres have been established to focus on those sectors.
- The permanent secretariat of the BIMSTEC is in Dhaka, Bangladesh.
- The BIMSTEC uses the alphabetical order for the Chairmanship which has been taken in rotation commencing with Bangladesh (1997–1999).
History of Formation of the BIMSTEC
- In 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 on 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation).
- In 2004, at the first Summit the grouping was renamed as BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.
Significance of BIMSTEC
- BIMSTEC acts as a platform for intra-regional cooperation between SAARC and ASEAN members.
- Around one-fourth of the world’s traded goods cross the Bay of Bengal every year.
- Important Connectivity Projects related to BIMSTEC
- Kaladan Multimodal Project – links India and Myanmar.
- Asian Trilateral Highway – connecting India and Thailand through Myanmar.
- Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement – for seamless flow of passenger and cargo traffic.
Strategic Significance for India
- BIMSTEC Enables India to pursue three core policies:
- Neighbourhood First- primacy to the country’s immediate periphery;
- Act East- connect India with Southeast Asia; and
- Economic development of India’s North Eastern states- by linking them to the Bay of Bengal region via Bangladesh and Myanmar.
- India has moved from Look East Policy to Act East Policy and Indo Pacific cooperation through its diaspora, culture and connectivity. This has led to India’s goodwill in the region.
- Allows India to counter China’s creeping influence in countries around the Bay of Bengal due to the spread of its Belt and Road Initiative.
- Physical connectivity with BIMSTEC would also help India integrate itself with ASEAN’s Master Plan of Connectivity 2025.
- A new platform for India to engage with its neighbours with South Asian Association for Regional Cooperation (SAARC) becoming dysfunctional because of differences between India and Pakistan.
- BIMSTEC suddenly received special attention as New Delhi chose to treat it as a more practical instrument for regional cooperation over a faltering SAARC.
-Source: The Hindu
