BIMSTEC
Source: Indian Express
GS III: National Security and Challenges
What is discussed under BIMSTEC?
- What is BIMSTEC?
- Growth of BIMSTEC
- Role of China
Why in News?
On July 17, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) hosted its inaugural conference of foreign ministers in Bangkok, Thailand.
News in Brief
- Since its founding in 1997, the seven-member Association of Asian Nations has held several meetings.
- The BIMSTEC Foreign Ministers’ Retreat was held in Bangkok, Thailand, on July 17, 2023. At this gathering, the seven BIMSTEC countries reaffirmed their commitment to build a stronger, more resilient, and more relevant grouping.
- The Ministers agreed that BIMSTEC has to develop its organisational structure and collaboration procedures in order to become a more effective organisation for the progress and prosperity of the region.
- They recognised the value of the Retreat in facilitating an informal exchange of ideas.
- They also discussed topics of shared importance on the regional and international levels.
- The summit also discussed developing electronic payment and trade settlement systems, enhancing collaboration in cyber security, and preventing international crimes.
What is BIMSTEC?
- BIMSTEC was known as BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
- Myanmar joined towards the end of 1997, and Bhutan and Nepal joined in 2004.
- When the Bangkok Declaration was signed in 1997, BIMSTEC became a regional entity.
- BIMSTEC first concentrated its cooperation in:
Image by Hans from Pixabay - Trade
- Technology
- Energy
- Transport
- Tourism
- Fisheries
- In 2008, additional sectors were added.
- Each of the Member States took charge of specific sectors in 2021 following a restructuring.
- India prioritises:
- Energy
- Disaster management,
- Security
- Transnational crime
- Counterterrorism
- The accomplishments recognised during the First Summit Meeting in 2004 were:
- The signing of a Framework Agreement for a BIMSTEC Free Trade Area
- Launch of the Visit BIMSTEC Year 2004-2005, a year-long Plan of Action on tourism
- Establishment of the BIMSTEC Center in Bangkok
- The seven nations around the Bay of Bengal are home to about 22% of the world’s population and have a combined GDP of $2.7 trillion.
- From 2012 to 2016, all seven nations maintained average yearly growth rates of between 3.4% and 7.5%.
- Every year, one-fourth of all traded items on the globe pass through the bay.
Growth of BIMSTEC
- Sri Lanka sees BIMSTEC as an opportunity to link with Southeast Asia and act as the subcontinent’s centre for the larger Indo-Pacific region.
- Bangladesh sees it as a platform to establish itself as more than simply a little state on the Bay of Bengal.
- Bhutan and Nepal hope to reach the Bay of Bengal area and leave their isolated, landlocked locations.
- To access a growing consumer market, balance Beijing, and counter China’s tremendous incursions into Southeast Asia, Myanmar and Thailand should ‘connect more deeply with India’.
Role of China
- For a China that is becoming more forceful to preserve its access to the Indian Ocean, the Bay of Bengal is essential.
- With the exception of Bhutan and India, China has launched a significant effort to fund and develop infrastructure across South and Southeast Asia through the Belt and Road Initiative, making BIMSTEC a new front in the India-China battle of dominance.
- India could be able to advance a positive agenda through BIMSTEC to oppose Chinese investments and adhere to the best practices for connectivity projects based on acknowledged international criteria.
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