BIMSTEC

Why in News?

India recently seconded a senior diplomat to drive BIMSTEC as its 4^th Secretary-General (SG).

What is BIMSTEC?

• BIMSTEC – Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.
• It is a regional organization group of littoral countries encircling the Bay of Bengal with own flag and emblem.
• Established in – 1997 with the signing of the Bangkok Declaration.
• The year 2022 marked the 25^th anniversary of BISTEC formation.
• Secretariat at – Dhaka, Bangladesh.
• Aim – To foster economic and social development among member countries.
• Members – 7 members (Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar and Thailand).
• Thus, it includes 5 members from SAARC and 2 from ASEAN.

BIMSTEC was initially known as BIST-EC (Bangladesh, India, Sri Lanka, Thailand- Economic cooperation) before the joining of Myanmar (1997), Bhutan (2004) and Nepal (2004).

• BIMSTEC Charter – It was signed and adopted during the fifth BIMSTEC Summit in Sri Lanka in 2022.

What are the purposes of BIMSTEC?

• Accelerating economic growth - Promote joint endeavours, trade and investment.
• Increasing collaboration – On matters of common interest in the economic, social, technical and scientific fields.
• Improving assistance – In the form of training and research facilities in the educational, professional and technical spheres.
• Effective cooperation – Maintain beneficial cooperation with existing international and regional organizations.
• Maintaining peace and stability – By close collaboration in combating international terrorism, transnational organized crimes as well as natural disasters, climate change and communicable diseases.
• Improving social progress – Promoting endeavour to eradicate poverty from the Bay of Bengal region.
• Developing connectivity – Creating synergy among connectivity frameworks in the region, as a key enabler to economic integration for shared prosperity.

What are the various BIMSTEC Centres?

• BIMSTEC Energy Centre (BEC) – It is to be housed in the premises of the Central Power Research Institute in Bengaluru, India.
• It will also function as the Secretariat of the BIMSTEC Grid Interconnection Coordination Committee.
• BIMSTEC Centre on Weather and Climate - It is located in the National Centre for Medium Range Weather Forecasting (NCMRWF) in Uttar Pradesh, India.
• BIMSTEC Cultural Industries Observatory – In 2006, it was proposed for the establishment of BIMSTEC Cultural Industries Commission (BCIC) and the BIMTEC Cultural Industries Observatory (BCIO) in Bhutan.
• BIMSTEC Technology Transfer Facility – The Memorandum of Association (MoA) on the establishment was signed in 2022 during the 5^th BIMSTEC Summit but its entry into force is awaited.

What are the shortcomings?

• It has decided not to go-ahead with the BIMSTEC Development Fund.
• Negotiation of the BIMSTEC FTA is yet to be completed.
• BIMSTEC grid connectivity and energy projects are yet to take off.

• While the connectivity plan is ready, the real implementation is yet to start.
• The postponement of the 6th Summit has slowed BIMSTEC integration.

What lies ahead?

• 6^th BIMSTEC summit under the chairmanship of Thailand will be held in 2024 with promising features like
  • Adoption of the BIMSTEC Rules of Procedure
  • Adoption of the BIMSTEC Maritime Cooperation Agreement (BMCA)
  • Launching of BIMSTEC Bangkok Vision 2030

Bangladesh is going to take over the chairmanship of BIMSTEC from Thailand once the 6th Summit is over.

References

1. The Hindu Business Line| Regional cooperation in BIMSTEC
2. BIMSTEC| Purposes of BIMSTEC