Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation has achieved a significant milestone with the entry into force of the group’s charter

Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has recently achieved an important milestone with the charter of the grouping coming into force on 20th May 2024.

BIMSTEC Grouping

• BIMSTEC is a regional organisation comprising 7 member states – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
• It was formed in 1997 with the aim of promoting multifaceted technical and economic cooperation among the countries of the Bay of Bengal region.
• The region covered by BIMSTEC is home to around 1.5 billion people, with a combined GDP of over USD 3.8 trillion.

Origin

• The sub-regional organisation was established in 1997 with the adoption of the Bangkok Declaration.
• Initially consisting of 4 Member States, it was known as ‘BIST-EC’ (Bangladesh, India, Sri-Lanka and Thailand Economic Cooperation).
• In 1997, it was renamed ‘BIMST-EC’ after Myanmar joined.
• The admission of Nepal and Bhutan in 2004 led to another name change to the ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).

Key Features of the BIMSTEC Charter

• International Recognition: BIMSTEC gains official standing as a legal entity, allowing it to interact directly with other international organisations on matters of diplomacy and cooperation.
• Shared Goals: The Charter outlines BIMSTEC’s objectives, which focus on building trust and friendly relations among member states, and accelerating economic development and social progress in the Bay of Bengal region.
• Structured Organisation: A clear framework is established for BIMSTEC’s operation, outlining regular meetings at the Summit, Ministerial, and Senior Officials’ levels.
• Expanding Membership: The Charter paves the way for future growth by allowing new countries to join BIMSTEC and for other nations to participate as observers.
• Re-constitution and reduction in the number of sectors of cooperation to 7 and each member-state will serve as a lead for a sector.
• Bangladesh in Trade, investment and development; Bhutan in environment and climate change; India in security, including energy; Myanmar in agriculture and food security; Neopal in people-to-people contacts; Sri Lanka in science, technology and innovation and Thailand in connectivity.

Significance of BIMSTEC

• Aligned with Act East Policy: BIMSTEC is more aligned with India’s Act East Policy. It helps India gain trade and security prominence in the Indian Ocean region and the Indo-Pacific.
• Alternative to SAARC: Following India’s efforts to isolate Pakistan at the 2016 South Asian Association for Regional Cooperation (SAARC) summit in response to the Uri attacks, BIMSTEC has emerged as a preferable regional cooperation platform, offering an alternative to SAARC in South Asia.
• As a counter to China: As China expands its Belt and Road Initiative (BRI) across South and Southeast Asia, India views this growing presence as a challenge to its regional dominance.
• To counter this, India is taking a leading role in BIMSTEC, promoting it as an alternative platform for regional cooperation.
• Promotion of Intangible Culture: Initiatives like India’s Centre for Bay of Bengal Studies (CBS) at Nalanda University, Bihar for research on art, culture and other subjects related to the Bay of Bengal can bring new insight and research in intangible heritage of the region.
• Platform for Regional Cooperation: It brings together countries from South Asia and Southeast Asia, providing a platform for enhanced regional cooperation.
• It has promoted deepening cooperation in security matters and management of Humanitarian Assistance and Disaster Relief (HADR).