Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)

About Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC):

• It is a regional organization that was established in 1997 with the signing of the Bangkok Declaration.
• Initially known as BIST-EC (Bangladesh-India-Sri Lanka-Thailand Economic Cooperation).
• It became renamed ‘BIMST-EC’ in 1997, following the inclusion of Myanmar.
• It became a  seven Member organization with the admission of Bhutan and Nepal in 2004.
• The BIMSTEC Charter was signed and adopted during the ‘Fifth BIMSTEC Summit’ held in the virtual format in Colombo, Sri Lanka, in 2022.
• It is headquartered in Dhaka, Bangladesh.
• H. E. Mr. Tenzin Lekphell assumed office as the Secretary-General of BIMSTEC in 2020 as the third BIMSTEC Secretary-General.
• Chairmanship-the Chairmanship of BIMSTEC rotates according to the alphabetical order of the English names of the Member States.
• India hosted the first meeting of Governing Board of BIMSTEC Energy Centre in Bengaluru in 2023.

BIMSTEC Principles

• Cooperation within the BIMSTEC will be based on respect for the principle of sovereign equality, territorial integrity, political independence, non-interference in internal affairs, non-aggression, peaceful co-existence, mutual respect, and mutual benefit.
• Cooperation within the BIMSTEC will be complementary to and not be a substitute for bilateral, sub-regional, regional, or multilateral cooperation involving the Member States.

Source: DOWN TO EARTH

Previous Year Questions

Q.1) Consider the following pairs: (2020)

International agreement/ set-up Subject

1. Alma-Ata Declaration – Healthcare of the people
2. Hague Convention – Biological and Chemical Weapons
3. Talanoa Dialogue – Global Climate Change
4. Under2 Coalition – Child Rights

Which of the pairs given above is/are correctly matched?

1. 1 and 2 only
2. 4 only
3. 1 and 3 only
4. 2,3 and 4 only

Q.2) Consider the following statements (2020)

1. The value of Indo-Sri Lanka Trade has consistently increased in the last decade.
2. Textile and textile articles constitute an important item of trade between India and Bangladesh
3. In the last five years, Nepal has been the largest trading partner of India in South Asia

Which of the statements given above is/are correct?

1. 1 and 2 only
2. 2 only
3. 3 only
4. 1 ,2, and 3