- The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional multilateral organisation.
- Its members lie in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
- MEMBERS
- Out of the 7 members,Five are from South Asia –
- Bangladesh
- Bhutan
- India
- Nepal
- Sri Lanka
- Two are from Southeast Asia –
- Myanmar
- Thailand
OBJECTIVE -:
- Creating an enabling environment for the rapid economic development of the sub-region.
- Encouraging the spirit of equality and partnership.
- Promoting active collaboration and mutual assistance in the areas of common interests of the member countries
- Accelerating support for each other in the fields of education, science, and technology, etc.
Genesis of BIMSTEC
- This sub-regional organization came into being in 1997 through the Bangkok Declaration.
- Initially, it was formed with four Member States with the acronym ‘BIST-EC’ (Bangladesh, India, Sri-Lanka and Thailand Economic Cooperation).
- It became renamed ‘BIMST-EC’ in 1997, following the inclusion of Myanmar.
- With the admission of Nepal and Bhutan in 2004, the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).
Areas of Cooperation
- Trade and Investment
- Technology
- Energy
- Transportation and Communication
- Tourism
- Fisheries
- Agriculture
- Cultural Cooperation
- Environment and Disaster Management
- Public Health
- People-to-People Contact
- Poverty Alleviation
- Counter Terrorism and Transnational Crime
- Climate Change
| SAARC | BIMSTEC |
| 1. A regional organisation looking into South Asia 2. Established in 1985 during the cold war era. 3. Member countries suffer for mistrust and suspicion. 4. Suffers from regional politics. 5.Asymmetric power balance. 6. Intra-regional trade only 5 percent. | 1. Interregional organisation connecting South Asia and South East Asia. 2. Established in 1997 in the post-Cold War. 3. Members maintain reasonably friendly relations. 4. Core objective is the improvement of economic cooperation among countries. 5. Balancing of power with the presence of Thailand and India on the bloc. 6. Intra-regional trade has increased around 6 precent in a decade. |
ROMEO INDIA FOXTORT
Thanks Akshay