BIMSTEC acquires ‘legal personality’ after charter comes into force

Sub: IR

Sec: Int groupings

Context:

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.

Key highlights:

With the adoption of the charter at the 5th summit of the BIMSTEC leaders, the grouping has acquired a ‘legal personality’ and will be able to enter into structured diplomatic dialogue with other groupings and countries.
This BIMSTEC Charter reaffirms India’s commitment to a prosperous, peaceful and sustainable neighborhood.
BIMSTEC reflects the synthesis of our Neighbourhood First and Act East policies.
Following the pandemic, the leaders of the BIMSTEC nations met virtually on 30 March 2022 under the chairship of Sri Lanka and adopted the charter.
The chair of BIMSTEC was taken up by Thailand after the 5th leaders summit.
Last month, Nepal’s parliament took up the BIMSTEC charter and ratified it which paved the way for the coming into force of the charter.

About BIMSTEC:

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
- 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 was 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).
The organization received greater attention especially in the backdrop of the near moribund status of the South Asian Association for Regional Cooperation (SAARC) which last met in Kathmandu during November 2014.

Importance of BIMSTEC:

India is willing to shift its focus from SAARC to BIMSTEC as the latter is in greater harmony with India’s ‘Act East’ policy.
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.

About SAARC:

The South Asian Association for Regional Cooperation (SAARC) is an economic and political organization of eight countries in South Asia.
SAARC was established with the signing of the SAARC Charter in Dhaka on 8 December 1985.
SAARC comprises eight Member States: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
The Secretariat of the Association was set up in Kathmandu on 17 January 1987.