BIMSTEC SUMMIT
- February 7, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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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
- Five are from South Asia –
- 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).