BIMSTEC Full Form

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organisation consisting of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. Its aim is to promote economic cooperation between countries bordering the Bay of Bengal. It does this by working together on projects to boost connectivity, trade, energy, social progress, national development, peace and stability, international cooperation, poverty eradication etc.

Bay of Bengal is the largest bay in the world which is strategically located linking the Indian Ocean and Pacific Ocean and acts as a connection to the Strait of Malacca. The countries surrounding the Bay along with Nepal & Bhutan comprise an economic juggernaut with a combined GDP of $2.7 trillion. It is home to around 1.5 billion people, making it one of the most populous regions in the world but at the same time the countries struggle with poverty, hunger and lack of access to basic necessities. One-fourth of the world’s traded goods cross the Bay every year. There is immense potential for increased monetization and in connection with that improved standard of living for people of the Bay if the countries come together. BIMSTEC was established to harness this potential.

BIMSTEC was established in 1997 with the signing of the Bangkok Declaration. They resolved that to improve trade, investments and tourism for the region major challenges like infrastructure, political instability and mutual trust needed to be addressed. With sectoral groups, these issues are being addressed through joint projects. With the region lagging behind in achieving the Sustainable Development Goals in 2030.

The organisation has grown gradually with its secretariat coming up in Dhaka only in 2014. It is a sector-driven grouping with each Member State leading their respective Sectors of focus.

• Bangladesh: Trade,Investment and Development, including Blue Economy
• Bhutan: Environment& Climate Change, including Mountain Economy
• India: Security, including Counter-Terrorism, Trasnational Crime, Disaster Management and Energy
• Myanmar: Agriculture and Food Security, including Fisheries & Livestock
• Nepal: People-to-People Contact, including Culture, Tourism & Poverty Alleviation
• Sri Lanka: Science, Technology & Innovation, including Health and Human Resource Development
• Thailand: Connectivity

BIMSTEC has five levels of organisation-

• Summit: Heads of state or government of member states
• Ministerial Meeting:Foreign ministers of member states
• Sectoral Ministerial Meetings: Ministers responsible for carrying out activities in specific sectors
• Senior Officials' Meeting: Foreign secretaries or other senior officials nominated by member states
• BIMSTEC Permanent Working Committee (BPCW): which consists of National Focal Points (NFP) who are responsible for handling all communications between the BIMSTEC Secretariat and the member states.

Prime Minister Narendra Modi has lauded BIMSTEC as a natural platform for India to promote its "Neighbourhood First" and "Act East" foreign policy priorities as these countries share the same values, history, and way of life, and they have a common destiny. As India carries a significant portion of global trade through the Bay of Bengal, securing this region is crucial for accessing resources like natural gas and expanding the export market.

1. SAARC’s Declining Role: India shifted its focus from South Asian Association for Regional Cooperation (SAARC) to BIMSTEC due to recent tensions with Pakistan.
   • SAARC has not convened since 2014 and is in a stalemate.
   • SAARC's trade agreement and other initiatives have not yet materialized,
   • There is suspicion and power imbalances are growing among members.
2. India a Natural Leader: In BIMSTEC, India is the sector lead in counter-terrorism, transport, tourism, and disaster management. Also India’s increasing economic and military power makes it the natural leader.
3. Maritime Significance: BIMSTEC's importance lies in regional integration, maritime security, and supporting India's 'blue economy.' It aids India's Security and Growth for All in the Region (SAGAR) initiative, promoting economic, maritime, and security cooperation in the Indian Ocean. With China's aggressive stance, BIMSTEC helps India counter China through economic, political, security, and maritime cooperation.
4. Connectivity & Market Signifinance: BIMSTEC Master Plan for Transport Connectivity includes key projects like the India-Myanmar-Thailand highway,Kaladan Corridor (Kolkata to Sittwe), and Bangladesh, Bhutan, India, Nepal (BBIN) initiative. BIMSTEC enhances connectivity through inland waterways, benefiting landlocked states of India, ensuring resource movement, and integrating coastal guards for security.
5. People to People Ties:India promotes cooperation in BIMSTEC by offering scholarships and strengthening people-to-people links.
6. BIMSTEC Energy Centre (BEC)’s Governing Board’s meeting was hosted by India recently in February 2023 and chaired by India’s Power Secretary. It reviewed the region’s current energy needs and recommended focus on cyber security, green hydrogen and energy transition.

Colombo Summit, 2022:It marked a significant milestone in BIMSTEC’s history with three key achievements:

1. Charter:The adoption of a charter that formally establishes BIMSTEC as an intergovernmental organization with legal personality,
2. Focused Sectoral Cooperation:A decision was made to reduce the number of sectors of cooperation from 14 to 7, with each member state leading one sector,
3. Adoption of the Master Plan for Transport Connectivity: It outlines a total investment of $126 billion for 264 projects in the region.

These achievements show the growing maturity and commitment of BIMSTEC to promote regional cooperation and development. At the Summit, India also provided funding to the Secretariat and a Vision Document.

BIMSTEC is not just a group but a powerful force that can change the fate of the member countries and the people living in this Bay of Bengal area. With a fifth of the world’s population, it contributes only to 4% of the global GDP. Hence, there is immense potential for accelerated economic growth. BIMSTEC is key for the region to standup against Chinese domination. BIMSTEC has deepened cooperation in security matters and management ofHumanitarian Assistance and Disaster Relief rapidly.

For BIMSTEC to fulfill its potential, India’s leadership role will be essential to facilitate cross-border connectivityand flow of investments by motivating other countries to lower barriers to movement of people and goods. The initiatives and objectives of BIMSTEC need to be implemented with vigour. An annual summit would help to put BIMSTEC and its objectives in focus and can be the next goal the member counties hope to achieve.