BIMSTEC Countries

IAS Current Affairs

4 months ago

Source: PIB
GS II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests

Overview

Why in the News?

India hosted the first BIMSTEC Foreign Ministers’ Retreat held in New Delhi,

Fruitful discussions with the group of Ministers on further strengthening the regional cooperation in diverse areas including connectivity, energy, trade, health, agriculture, science, security and people to people exchanges.
Stressed on the role of BIMSTEC as an engine for economic and social growth.
India fully supports Thailand for the upcoming BIMSTEC Summit to be held in September.

BIMSTEC is a regional organization
BIMSTEC Countries comprising seven Member States:
- Five from South Asia: Bangladesh, Bhutan, India, Nepal, and Sri Lanka.
- Two from Southeast Asia: Myanmar and Thailand.
It was established on June 6, 1997, through the Bangkok Declaration.
The BIMSTEC Secretariat is headquartered in Dhaka, Bangladesh.

Areas of Cooperation:

Global Weightage:
- Approximately 22% of the world’s population resides in the seven BIMSTEC countries around the Bay of Bengal.
- Their combined GDP is close to USD 2.7 trillion.
- A fourth of the world’s traded goods pass through this region annually.
Regional Strategic Incentives:
- Each country has unique strategic interests:
  - Bangladesh aims to elevate its status beyond being a small state on the Bay of Bengal.
  - Sri Lanka sees it as an opportunity to connect with Southeast Asia and become an Indo-Pacific hub.
  - Nepal and Bhutan seek to overcome their landlocked positions by connecting with the Bay of Bengal.
  - Myanmar and Thailand view BIMSTEC as a means to access India’s consumer market and balance China’s influence.
Importance for India:
- BIMSTEC aligns with India’s foreign policy objectives of “Neighborhood First” and “Act East.”
- It bridges South and Southeast Asia, encompassing the ecologies of the Great Himalayas and the Bay of Bengal.

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