BIMSTEC stands for Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. It is a regional organization comprising seven countries in the South Asia and Southeast Asia region: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal. The organization was established in 1997 with the aim of promoting economic and technical cooperation among its member countries, as well as to enhance regional connectivity and cooperation in areas such as trade, investment, transportation, and tourism.
history of bimstec
The Bay of Bengal Initiative for
Multi-Sectoral Technical and Economic Cooperation, or BIMSTEC, was established
in 1997, with the signing of the "Bangkok Declaration" by the leaders
of Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal. The
organization was formed with the aim of promoting economic and technical
cooperation among its member countries, as well as to enhance regional
connectivity and cooperation in areas such as trade, investment,
transportation, and tourism.
The idea for BIMSTEC was first
proposed by the Government of Thailand in 1997. The organization was
established as a way to enhance economic cooperation among the countries of the
Bay of Bengal region, which are among the least developed countries in Asia.
The Bangkok Declaration, which was signed by the leaders of the seven
countries, set out the goals and objectives of the organization, and
established a framework for cooperation in various areas.
In the years following its
establishment, BIMSTEC has focused on areas such as trade and investment,
transportation and communication, tourism, and technology. The organization has
also played a role in promoting regional connectivity and cooperation in areas
such as disaster management and counter-terrorism. In recent years, BIMSTEC has
also been focusing on developing a Free Trade Area among its member countries
and cooperation on blue economy.
Overall, BIMSTEC has been playing
a vital role in promoting regional economic integration, and cooperation among
the countries of South Asia and Southeast Asia, as well as in enhancing
regional connectivity and cooperation in various sectors.