BIMSTEC and India
Why in news?
Sustainable and balanced growth as key objectives
Focus on prosperity, resilience, and openness in the region
Adaptation to rapid changes in the regional and global landscape
Proposal by Thailand for the future direction of BIMSTEC
Key Agenda of the
Vision Document
Sectors covered: roads, railways, civil aviation, maritime transport, and multi-modal infrastructure
Master plan for seamless network of interconnectedness
Recent achievement: maritime transport cooperation agreement
Synergizing economy and connectivity for enhanced regional integration
Understanding
BIMSTEC
Aims to create an enabling environment for economic development and social progress
Bridge between South and Southeast Asia
Bay of Bengal region as a connecting point between the Great Himalayas and the Bay of Bengal
Member countries and their geographic scope
Evolution and
Expansion of BIMSTEC
Inclusion of Myanmar in 1997 led to the renaming as BIMST-EC
Initial members: Bangladesh, India, Sri Lanka, and Thailand (BIST-EC)
Nepal and Bhutan joined in 2004, resulting in the current name, BIMSTEC
Establishment through the Bangkok Declaration in 1997
Potential of BIMSTEC
Bridging SAARC and ASEAN, promoting economic integration and shared goals
Economic growth and cooperation driven by BIMSTEC's significant population and GDP
Bay of Bengal region as a potential Indo-Pacific epicenter
Crucial role in global trade with a significant volume passing through the region
Reinforcement of relations between South and Southeast Asian countries
Significance of
BIMSTEC for India
Alternative engagement platform when progress in SAARC is hindered
Economic development opportunities for India's northeastern states through regional connectivity
Platform to counterbalance China's influence in the Bay of Bengal region
Showcase of India's leadership and potential to create a new world order
Alignment with India's policies of engaging neighboring countries and Southeast Asia
Key Challenges
with BIMSTEC
Balancing cooperation across 14 areas of collaboration and maintaining efficiency
Addressing conflicts and crises between member nations
Varying levels of commitment among member states, with some prioritizing ASEAN over BIMSTEC
Navigating parallel initiatives such as the Bangladesh-China-India-Myanmar (BCIM) Forum
Limited progress due to infrequent summits and ministerial meetings
Way Forward
Promoting trade and economic cooperation through removing barriers and facilitating movement of goods and services
Collaboration on Sustainable Development Goals (SDGs) and sharing best practices
Strengthening ongoing connectivity initiatives for improved regional integration
Enhancing the functioning of institutional mechanisms and the role of the BIMSTEC Secretariat
Effective implementation of the Bangkok Vision 2030, aligning national development plans