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Multilateral Groupings 2 (BIMSTEC (About it (Initially on 6th June 1997, a…
Multilateral Groupings 2
BIMSTEC
About it
Initially on 6th June 1997, a new sub-regional grouping was formed in Bangkok and given the name BIST-EC.
Initially, it comprised 4 countries & the name given was
Bangladesh, India, Sri Lanka and Thailand Economic Cooperation
Gradually, three more countries were added i.e., Nepal, Bhutan and Myanmar
The name was changed to BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical
and Economic Cooperation
BIMSTEC Secretariat was opened in Dhaka, Bangladesh.
The main objective is technological and economic cooperation among South Asian and Southeast
Asian countries along the coast of the Bay of Bengal
Not much real developments have taken place, but most matter has remained on paper mostly
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Major concerns
At least, six legal instruments are awaiting
finalisation. Only one i.e. Memorandum of
Understanding on grid interconnection could be signed.
Framework agreement on Free Trade Area
was signed 14 years ago but, there is no commitment to early conclusion of FTA.
Energy Centre was established in 2009, but,
it is still struggling for the operationalization.
It talked about various connectivity
measures like trade connectivity, economic connectivity, transport connectivity, digital connectivity etc.
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Motor Vehicle Agreement and the
Coastal Shipping Agreement need more clarity and understanding before finalisation
Other aspects
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A meeting of Home Ministers is planned,, in addition to the annual meeting of NSAs
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It also planned to establish forums for
parliamentarians, universities, cu ltura I organisations and the media community
Way forward
The Summit articulated a vision for the Bay of Bengal Region towards a peaceful,
prosperous and sustainable future. The region is now widely viewed as a commonspace for security, connectivity and development.