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BIMSTEC by Atrishekhar sir - Coggle Diagram
BIMSTEC by Atrishekhar sir
About BIMSTEC:
A multilateral regional organisation established with the aim of accelerating shared growth and cooperation between littoral and adjacent countries in the Bay of Bengal region.
• Members- Bangladesh, Bhutan, India, Nepal, and Sri Lanka, Myanmar and Thailand.
• Founded as BIST-EC, in June 1997, with the adoption of the Bangkok Declaration, with Bangladesh, India,Sri Lanka and Thailand as members.
• The BIMSTEC region hosts 22% of the world population and the member states have a combined GDP of US$3.697 trillion/per year.
Creation of a BIMSTEC Charter, which secures a legality.
2022 marked the completion of 25 years since the 1997 Bangkok Declaration launched a modest grouping with the acronym, BIST-EC.
• The fifth summit of the regional grouping, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), was held virtually in Colombo.
Achievements:
It has prioritised the sectors of cooperation (7 sectors) with each member-state serving as the lead country for the assigned sector.
• It has survived despite regional tensions. For example, the Rohingyas issue or the Myanmar coup.
• It has continued hosting meetings and summits, unlike SAARC and IORA.
Significance for India
Strategic - Indian Ocean Region
• Economic - Integrating regional economies
• Regional Security Cooperation
• Political- It is in alignment with India’s ‘Act East’ Policy.
• To counter China’s BRI influence
Challenges:
• Still hasn’t been able to produce a Free Trade agreement
• Regional geopolitics
• Stalled projects due to lack of infrastructure
• Aggravated Security Challenges & connectivity issues which would bring people closer