India hosted the BIMSTEC foreign ministers’ meeting in New Delhi on 11-12 July to discuss the solution of emerging challenges in the region. The foreign ministers of the member countries of the group participated in the event. The first such meeting was held in Bangkok in July last year.
About BIMSTEC
- The BIMSTEC was created in 1997 in Bangkok to establish and promote economic and technical cooperation among the countries situated in the Bay of Bengal region.
- Initially, it was a group of four countries and was known as BIST-EC (Bangladesh, India, Sri Lanka and Thailand Economic Cooperation). In the same year, Myanmar joined the group which was renamed BIMSTEC. In 2004, the number of members increased when Nepal and Bhutan joined the group. It was again renamed as “Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation”.
- Presently, it has seven members- Bangladesh, India, Sri Lanka, Thailand, Myanmar, Nepal, and Bhutan. These countries are home to around 1.5 billion people and hold special significance in global politics. Each member state is responsible for leading in a particular sector. India leads the group in security matters.
- The group is open to welcoming other countries as its members or as an observer.
- Headquarters- Dhaka, Bangladesh.
Objectives of BIMSTEC
- The group works to enhance economic cooperation among member countries. It promotes trade and investment.
- It works to boost regional connectivity through rail, road and maritime links, which enhance business and trade.
- The group also emphasises cooperation in technology fields and promotes collaborations and technology sharing.
- It focuses on strengthening security in the region by collectively addressing security issues such as terrorism. The members also collaborate for humanitarian assistance.
- The group also works to firm relationships through people-to-people contacts and cultural ties and exchanges.
Significance of BIMSTEC for India
- BIMSTEC is crucial for India’s Act East Policy. It proves to be effective in terms of trade and security.
- Moreover, it is the best alternative to SAARC (South Asian Association for Regional Cooperation) which has Pakistan as a member. In case of any tussle with Pakistan, India can focus more on BIMSTEC.
- This grouping is also vital to counter China’s bid to increase its dominance in the region. It provides an optional forum for India to strengthen regional ties.
