News Highlights:
- Recently, India hosted the first meeting of the Governing Board of BIMSTEC Energy Centre (BEC) at Bengaluru.
- Ministry of Power, and the chairperson of the Governing Board of the BEC, welcomed the delegates from BIMSTEC member countries.
Key Takeaway:
- India’s “Neighbourhood first” and “Act East” Policies were highlighted during the meeting.
- As the Host of the BIMSTEC Energy Centre, India made a presentation on establishing the BIMSTEC Energy Centre (BEC) in India.
BIMSTEC Energy Centre:
- Background:
- The First BIMSTEC Energy Ministers Conference, held on 04 October 2005 in New Delhi, agreed to the setting up of a BIMSTEC Energy Centre (BEC) to share experience in reforms, restructuring, regulation and best practices in the energy sector.
- A Concept Note in this regard was discussed by representatives of BIMSTEC Member States on 25-27 January 2006.
- Objectives of the Centre:
- Coordinate, facilitate, and strengthen cooperation in the energy sector in the BIMSTEC region by promoting experience sharing and capacity building. Create, manage and evaluate energy-related databases, relevant to the region, take into view various ongoing activities, and suggest a road map for meaningful intra-BIMSTEC cooperation.
- Prepare and operationalise a framework for networking among the national-level institutions in the region.
- Prepare the groundwork, such as feasibility studies, data collection etc., for intra-BIMSTEC energy-related projects.
- The study, compile, and disseminate the prevailing policies of the BIMSTEC member countries in different areas of the energy sector.
- Enhance cooperation for capacity building and sharing of experiences on best practices, including reforms, regulation and energy efficiency.
- Function as the Secretariat for energy cooperation activities.
BIMSTEC:
- About:
- The BIMSTEC states are those which are on the shore or are adjacent to the Bay of Bengal and are dependent on it.
- It was formed on the 6th of June 1997, through the Bangkok declaration and is headquartered in Dhaka in Bangladesh.
- Members:
- Initially, the economic bloc was formed with four countries with the acronym ‘BIST-EC’ (Bangladesh, India, Sri Lanka and Thailand Economic Cooperation).
- With the entrance of Myanmar in 1997, the grouping was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation).
- Finally, with the entrance of Nepal and Bhutan at the 6th Ministerial Meeting in 2004, the grouping was named the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
- BIMSTEC includes the countries of the Bay of Bengal region: five countries from South Asia and two from ASEAN.
- The organisation is a bridge between South Asia and South East Asia.
- Objectives:
- BIMSTEC is a sector-driven cooperative organization and covers cooperation in sectors like communication, leather, textiles, transport, fisheries, human resource development, tourism, agriculture, investment, technology and commerce etc.
- The grouping is a bridge between South Asia and South-East Asia and constitutes a reinforcement of relations between the seven countries.
- It is of utmost significance to India as it is major support in implementing its Act East Policy and the development of its ambitious ‘Sagar Mala’ project.
- Principles of BIMSTEC:
- Sovereign Equality
- Territorial Integrity
- Political Independence
- No-interference in Internal Affairs
- Peaceful Coexistence
- Mutual Benefit
How BIMSTEC is Important for India?
- It provides a new platform for India to engage with its neighbours with the South Asian Association for Regional Cooperation (SAARC) becoming dysfunctional because of differences between India and Pakistan. Read in detail about SAARC nations on the linked page.
- Three core policies–
- Neighborhood First – primacy to the country’s immediate periphery;
- Act East – connect India with Southeast Asia; and
- Economic development of India’s northeastern states – by linking them to the Bay of Bengal region via Bangladesh and Myanmar.
- Allows India to counter China’s creeping influence in countries around the Bay of Bengal due to the spread of its One Belt and One Road Initiative.
Pic Courtesy: Freepik
Content Source: PIB