This page uses content from Wikipedia and is licensed under CC BY-SA.
Bay of Bengal Initiative for
Multi-Sectoral Technical and Economic Cooperation
|Nepal (since 2014)|
|Establishment||6 June 1997|
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of seven nations of South Asia and South East Asia, housing 1.5 billion people and having a combined gross domestic product of $2.5 trillion (2014). The BIMSTEC member states—Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal—are among the countries dependent on the Bay of Bengal.
Fourteen priority sectors of cooperation have been identified and several BIMSTEC centres have been established to focus on those sectors. A BIMSTEC free trade agreement is under negotiation (c. 2018).
Leadership is rotated in alphabetical order of country names. The permanent secretariat is in Dhaka.
On June 6, 1997, a new sub-regional grouping was formed in Bangkok under the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation). On 22 December 1997, Myanmar became a full member, resulting in the renaming of the grouping to BIMST-EC. In 1998, Nepal became an observer. In February 2004, Nepal and Bhutan became full members.
The 14 main objective of BIMSTEC is technological and economic cooperation among south Asian and southeast Asian countries along the coast of the bay of Bengal. Commerce, Investment, Technology, Tourism, Human Resource Development, Agriculture, Fisheries, Transport and Communication, Textiles, Leather etc. have been included in it. Provide cooperation to one another for the provision of training and research facilities in educational vocational and techinical fields. Promote active collaboration and mutual assistance in economic,social ,technical and scientific fields of common interest.
BIMSTEC uses the alphabetical order for the Chairmanship. The Chairmanship of BIMSTEC has been taken in rotation commencing with Bangladesh (1997–1999).
|Countries||Leader Position||Head of government||Head of state||Population
|Bangladesh||Prime minister||Sheikh Hasina,||Abdul Hamid, President of Bangladesh||162,951,560||$205.3 bn||✔||✔|
|Bhutan||Prime minister||Tshering Tobgay,||Jigme Khesar Namgyel Wangchuck, King of Bhutan||797,765||$2.2 bn||✔||✔|
|India||Prime minister||Narendra Modi,||Ram Nath Kovind, President of India||1,324,171,354||$2308.0 bn||✔||✔|
|Myanmar||President||Win Myint,||52,885,223||$68.277 bn||✔||✖|
|Nepal||Prime minister||KP Oli,||Bidhya Devi Bhandari, President of Nepal||28,982,771||$21.6 bn||✔||✔|
|Sri Lanka||President||Ranil Wickremesinghe,||Maithripala Sirisena, President of Sri Lanka||20,798,492||$80.4 bn||✔||✔|
|Thailand||Prime minister||Prayut Chan-o-cha, Prime Minister of Thailand||King Vajiralongkorn (Rama X),||68,863,514||$409.724 bn||✔||✖|
|Priority Area||Lead Country||Centre||Comments|
|Transport and communication||India|
|Tourism||India||BIMSTEC Information Centre, Delhi|
|Counterterrorism and transnational crime||India||Four subgroups: Intelligence sharing - Sri Lanka (lead), |
Terror financing - Thailand,
Legal - Myanmar,
Law enforcement and narcotics - Myanmar
|Environment and disaster management||India||Tsunami Warning Centre, Noida|
|Energy||Myanmar||BIMSTEC Energy Centre, Bengaluru||BIMSTEC Grid Interconnection MoU signed in 2014.|
|Public Health||Thailand||BIMSTEC Network of Traditional Medicine in India|
|Trade & Investment||Bangladesh|
|Cultural Cooperation||Bhutan||1200 ITEC scholarships by India|
BIMSTEC Free Trade Area Framework Agreement (BFTAFA) has been signed by all member nations to stimulate trade and investment in the parties, and attract outsiders to trade with and invest in BIMSTEC at a higher level. Subsequently, the "Trade Negotiating Committee" (TNC) was set up, with Thailand as the permanent chair, to negotiate in areas of trade in goods and services, investment, economic co-operation, trade facilitations and technical assistance for LDCs. Once negotiation on trade in goods is completed, the TNC would then proceed with negotiation on trade in services and investment.
BIMSTEC Coastal Shipping Agreement draft was discussed on 1 December 2017 at New Delhi, to facilitate coastal shipping within 20 nautical miles of the coastline in the region to boost trade between the member countries. Compared to the deep sea shipping, coastal ship require smaller vessels with lesser draft and involve lower costs. Once the agreement becomes operational after it is ratified, a lot of cargo movement between the member countries can be done through the cost effective, environment friendly and faster coastal shipping routes.
|No.||Date||Host country||Host city|
|1st||31 July 2004||Thailand||Bangkok|
|2nd||13 November 2008||India||New Delhi|
|3rd||4 March 2014||Myanmar||Nay Pyi Daw|