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Introduction- BIMSTEC was founded by Bangkok declaration in 1997, and it stands for Bay of Bengal Initiative for multi sectoral technical and economic cooperation. The organization has following members – Sri Lanka, India, Nepal, Bhutan, India, Myanmar and Thailand.
Introduction- BIMSTEC was founded by Bangkok declaration in 1997, and it stands for Bay of Bengal Initiative for multi sectoral technical and economic cooperation. The organization has following members – Sri Lanka, India, Nepal, Bhutan, India, Myanmar and Thailand.
It Is an International Organization between South Asia and
South East Asia. These member countries are dependent upon the bay of Bengal.
A free trade agreement is under negotiation in 2018. The
permanent Secretariat is in Dhaka (opened in 2014)
and there 14 identified sector for cooperation
Objective – Technical and
Economic Cooperation along the coast of Bay of Bengal. Commerce Investment,
technology , tourism, Human Resource Development, agriculture, fisheries,
transport
Who stays the chairman?
It uses the
alphabetical order. 14 Priority Areas are lead by different nations to lead the
efforts.
Partner- Asian Development Bank has become a
partner of BIMSTEC in 2005 to undertake the “BIMSTEC Transport and Logistic
Study”.
India and BIMSTEC- India provides 33% of its
expenditure as well as India leads in Transport and communication,
Tourism, Counter terrorism and transnational Crime , Environment and Disaster
Management.
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India has been growing at faster pace in recent times and needs products for consumptions, assistance for
growth, and some technology to share. India’s ambitions to connect with the
region often don’t remain so stable and smooth because among other groups like
SAARC and SCO- Pakistan and India come to conflicts and relations don’t run
smooth. BIMSTEC can play a vital role as countries share the same interest and
India had better relations with these countries since ancient time.
