BIMSTEC SUMMIT

TOPIC: IR

Context- BIMSTEC summit to be held on March 30 in Sri Lanka.

Concept-

About BIMSTEC

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional multilateral organisation.
Its members lie in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
Out of the 7 members,
- Five are from South Asia –
  - Bangladesh
  - Bhutan
  - India
  - Nepal
  - Sri Lanka
- Two are from Southeast Asia –
  - Myanmar
  - Thailand

- This sub-regional organization came into being in 1997 through the Bangkok Declaration.
- Initially, it was formed with four Member States with the acronym ‘BIST-EC’ (Bangladesh, India, Sri-Lanka and Thailand Economic Cooperation).
- It became renamed ‘BIMST-EC’ in 1997, following the inclusion of Myanmar.
- With the admission of Nepal and Bhutan in 2004, the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).