BIMSTEC in 2021 Detailed

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

This article deals with various aspects of BIMSTEC in 2021.

Headquarters

Dhaka, Bangladesh

This grouping have total of 7 Member nations given in the table below

Bimstec Members

S.NoMember Nation
1India
2Nepal
3Bhutan
4Bangladesh
5Myanmar
6Thailand
7Sri Lanka
Bimstec Members in 2021

Download Bimstec Countries Map

Evolution

  • June 1997: started in 1997 through the Bangkok Declaration as BISTEC(Myanmar was not a member initially ).
  • Dec 1997: Myanmar joined grouping and it became BIMSTEC.
  • 2004: Nepal and Bhutan Joined.

Population Of Bimstec nations

1.5 Billion people i.e. approx. 22% of world’s population.

Combined GDP

2.7 trillion dollars

What is the purpose of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation

  • It was formed as grouping to counter the side effects of Globalisation.
  • How it planned to do so? By taking advantage of the geographical proximity between fastest growing economies in world, and utilising regional resources

Sectors of Cooperation

  • Sectors of Cooperation (when it was formed): 6 sectors-trade, technology, energy, transport, tourism and fisheries
  • Expanded sector cooperation in 2008: 9 more sectorsagriculture, public health, poverty alleviation, counter-terrorism, environment, culture, people to people contact and climate change

17th BIMSTEC Ministerial Meeting

Held virtually –Apr 02, 2021

BIMSTEC provides the unique strength of connecting South and South-East Asia and it has steadily gained prominence in the Indian foreign policy.

BIMSTEC Conventions on Cooperation

Conventions which came into effect in March 2021

  • Combating International Terrorism
  • Transnational Organized Crime
  • illicit Drug Trafficking
  • BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters has been finalized for signing at the fifth BIMSTEC Summit
  • Disaster management is also another important area of cooperation and collaboration among the member countries having similar geo-climatic conditions. BIMSTEC Centre for Weather and Climate, being hosted in India, is fully functional with state of the art facilities to provide Disaster Early Warning.

Master plan for transport connectivity of BIMSTEC

The seven-member regional grouping -India, Bangladesh, Thailand, Nepal, Bhutan, Sri Lanka and Myanmar will take up the Master plan for transport connectivity for adoption in the next summit of the organisation to be hosted by Sri Lanka in a few months from now.

Advantages of BIMSTEC for INDIA:

Majorly India can benefit in following areas:

1.Neighborhood First and Act East policy of India:

  • India launched its look East policy in the year 1991 and it got evolved into Act East policy in the year 2014, the diplomatic policy main aim is to promote strategic, cultural and economic relation with the Asia and the Pacific region.
  • Presence of these Asian countries in this grouping is a opportunity for India to boost its act East policy aims.
  • Similarly India’s neighbourhood first policy focuses on strengthening ties with immediate neighbours of India, presence of our neighbouring nation in this grouping is also an opportunity to boost our neighbourhood first policy aims.

2.Strait of Malacca

strait of malacca
  • Strait of Malacca connects the Indian Ocean and the Pacific Ocean
  • Nearly one quarter of world’s traded goods transit through the strait of Malacca
  • Geographically strait of Malacca surrounded by Indonesia, Malaysia, and Singapore
  • The Bay of Bengal and Strait of Malacca are directly connected, so this grouping can have direct impact on the trade passing through strait of Malacca
  • The strait of Malacca also have strategic importance as most of the oil demand of China is fulfilled by import from middle East countries and and nearly all these ships carrying oil passes through the strait of Malacca.

3.Sagarmala Project

Sagarmala project
  • India have a massive coastline of 7500 km and various important cities and towns are located on the coastline.
  • Sagarmala project came into being to start a wave of port led development across India’s coastline. Ports will be developed connected with inland highways, railroads and other necessary infrastructure.
  • This will all create a booming economy in Indian coastal states and presence of growing market economies in the neighbourhood in the form of this grouping will surely be fruitful for India.

Checkout Official BIMSTEC website for more details:

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