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BIMSTEC

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BIMSTEC
Source: Indian Express
GS III: National Security and Challenges

What is discussed under BIMSTEC?

  1. What is BIMSTEC?
  2. Growth of BIMSTEC
  3. 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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