BIMSTEC

Subject: IR

Section: International organization

Context: In March 30, BIMSTEC leaders will meet at Colombo to attend the 5th BIMSTEC summit

Concept:

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional multilateral organization.
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, and Sri Lanka. Two are from Southeast Asia – Myanmar, Thailand.
BIMSTEC not only connects South and Southeast Asia, but also the ecologies of the Great Himalayas and the Bay of Bengal.
It mainly aims to create an enabling environment for rapid economic development; accelerate social progress; and promote collaboration on matters of common interest in the region.

Genesis of BIMSTEC

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).