BIMSTEC-The Bay of Bengal Initiative for Multi-Sectoral Tech. & Eco, Cooperatio

BIMSTEC,bay of bengal initiative for multi-sectoral technical and economic cooperation, BIMSTEC headquarter, BIMSTEC objectives, BIMSTEC UPSC

Secretariat: Dhaka, Bangladesh

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation(BIMSTEC) is an international organisation of 7 nations of South Asia and South East Asia, housing 1.5 billion people with 2.5 trillion combined economy (2014), including Bangladesh, India, Mynmar, SriLanka, Thailand, Bhutan and Nepal.[4] The BIMSTEC states are among the countries dependent on the Bay of Bengal. 14 priority sectors of cooperation has been identified and several BIMSTEC centres have been established in these areas. Free Trade Agreement is under negotiation (c. 2018).

Bullet point discretion:
• It was formed on June 6, 1997 and on June 6, 2017 it celebrated 20
years since its formation
• The countries in the grouping are India, Bangladesh, Bhutan, Myanmar,
Nepal, Sri Lanka, and Thailand.
• Permanent Secretariat is in Dhaka established in 2014. It consists of 22
percent of world population.
• It is a bridge between South Asia and Southeast Asia and with SAARC’s
falling prominence due to Pakistan’s cross border terrorism BIMSTEC
gained lot of importance.
• Indian Perspective: It helps in developing NORTHEASTERN India.
• Like Motor Vehicle Agreement signed with BBIN India envisages same
with BIMSTEC which can help movement of goods people and services.
• BIMSTEC region has huge natural water resources and hydropower
potential in the Himalayan region.
• It does not have written charter unlike SAARC and hence it is flexible.
• The Free Trade Agreement proposed in 1998 did not come into force
and the region is posed with challenges like refugee issues and ethnic
tension.

Official Website: http://bimstec.org


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