News Highlights
June 6 marks 25 years of the formation of BIMSTEC through the Bangkok Declaration in 1997.
About BIMSTEC
- BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is a multinational regional organization and its members share border with the Bay of Bengal’s shoreline
- Aim – Its principal goals are to create an atmosphere that promotes rapid economic development, social advancement, and regional collaboration on issues of mutual interest.
- The Bangkok Declaration established BIMSTEC in 1997.
- Headquarter – Dhaka
- Members – India , Nepal , Bhutan , Bangladesh , Sri Lanka , Myanmar , Thailand.
- Objectives of BIMSTEC
- Creating an enabling environment for the sub-rapid region’s economic development.
- Encouraging a sense of partnership and equality.
- Promoting active collaboration and mutual support in areas where member countries have common interests
- Increasing mutual support in the domains of education, research, and technology, among other things.
- Regional Significance
- Connect South and SouthEast Asia
- SAARC and ASEAN nations have a platform for intra-regional cooperation.
- It is home to roughly 1.5 billion people, or around 22% of the world’s population.
- BIMSTEC Member States have been able to maintain an average 6.5 percent economic growth trajectory in the last five years, with a total GDP of 2.7 trillion dollars.
- Every year, a quarter of the world’s commercial goods pass through the bay.
- Major Projects Related to Region
- Kaladan Multimodal Project – links India and Myanmar.
- Asian Trilateral Highway – connecting India and Thailand through Myanmar.
- Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement – for seamless flow of passenger and cargo traffic.
Issues of BIMSTEC
- Bilateral issues and boundary issues within members.
- No regular meeting
- No Free Trade Agreement
- There has been very little progress in establishing the BIMSTEC Development Fund.
Key Accomplishments of BIMSTEC
- It has prioritised cooperation sectors, decreasing the number of them from 14 to seven, with each member-state serving as the lead country for the designated sector.
- It has taken steps to enhance the Secretariat, despite the fact that several members have yet to provide it with necessary human assistance.
- In addition, the grouping has made success in battling terrorism, forging security cooperation, and developing procedures and practises for better humanitarian and disaster relief management.
New Development
- Cabinet approves Memorandum of Association (MoA) by India for establishment of BIMSTEC Technology Transfer Centre at Colombo, Sri Lanka.
- BIMSTEC Technology Transfer Centre
- It was signed by the BIMSTEC member countries at the 5th BIMSTEC Summit held at Colombo, Sri Lanka on 30th March, 2022.
- Objective – The main objectives of the BIMSTEC TTF are to coordinate, facilitate and strengthen cooperation in technology transfer among the BIMSTEC Member States by promoting the transfer of technologies, sharing of experiences and capacity building.
- The expected outcomes of the BIMSTEC TTF are:
- Databank of technologies available in BIMSTEC Countries,
- Repository of information on good practices in the areas of technology transfer management, standards, accreditation, metrology, testing and calibration facilities,
- Capacity building, sharing of experiences and good practices in development, and
- Transfer and use of technologies among BIMSTEC countries.
Pic Courtesy : Times of India
Content Source : The Hindu