In News: June 6 marked the completion of 25 years since the 1997 Bangkok Declaration launched a grouping BIMSTEC
What is BIMSTEC?
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organisation comprising seven Member States: five deriving from South Asia, including Bangladesh, Bhutan, India, Nepal, Sri Lanka and two from Southeast Asia, including Myanmar and Thailand.
This sub-regional organisation came into being on 6 June 1997 through the Bangkok Declaration. Nepal, Bhutan and Myanmar joined the grouping later
The BIMSTEC Secretariat is in Dhaka.
Institutional Mechanisms:
BIMSTEC Summit
Ministerial Meeting
Senior Officials’ Meeting
BIMSTEC Working Group
Business Forum & Economic Forum
Key achievements
It has crafted a new Charter for itself, spelling out the grouping’s vision, functions and has secured a legal personality.
It has prioritized the sectors of cooperation with each member-state serving as the lead country for the assigned sector
Survival through the turns and twists of internal tensions: influx of over a million Rohingya refugees, Military coup in Myanmar and political and economic crisis afflicting Sri Lanka
Unlike SAARC and IORA, BIMSTEC has continued to hold its summits and meetings of Foreign Ministers and it has now resolved to hold regular summits once in two years
The grouping has also registered progress in combating terrorism, forging security cooperation, and creating mechanisms and practices for the better management of humanitarian assistance and disaster relief.
Institutions such as an Energy Centre and the Centre on Weather and Climate are in place to push sectoral cooperation forward.
The faultlines
A major failure relates to the continuing inability to produce a comprehensive Free Trade Agreement (FTA) 18 years after the signing of the Framework Agreement.
Connectivity: Only limited progress has been achieved so far, despite the adoption of the Master Plan for Connectivity supported by the Asian Development Bank (ADB).
Access to financial resources: For greater regional connectivity, more financial resources are needed. The movement towards establishing the BIMSTEC Development Fund is minimal.
The grouping has talked about the Blue Economy but is yet to begin any work on it.
Way Ahead
In this Indo-Pacific century, BIMSTEC has the potential to play a pivotal role, deepening linkages between South Asia and Southeast Asia. It should accelerate the region’s economic development by collaborating with the newly minted Indo-Pacific Economic Framework for Prosperity (IPEF). New synergy should be created between BIMSTEC and the IPEF.
Previous Year Questions
Q.1)In the Mekong-Ganga Cooperation, an initiative of six countries, which of the following is/are not a participant/ participants? (2015)
Bangladesh
Cambodia
China
Myanmar
Thailand
Which of the statements given above is/are correct?
