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BIMSTEC Note

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization established in 1997 to promote economic and social development among its seven member states. Its objectives include enhancing trade, investment, and regional connectivity while addressing challenges such as inconsistent meetings and a lack of a free trade agreement. The BIMSTEC Free Trade Area Framework Agreement aims to liberalize trade and promote economic cooperation among member states.

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17 views4 pages

BIMSTEC Note

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization established in 1997 to promote economic and social development among its seven member states. Its objectives include enhancing trade, investment, and regional connectivity while addressing challenges such as inconsistent meetings and a lack of a free trade agreement. The BIMSTEC Free Trade Area Framework Agreement aims to liberalize trade and promote economic cooperation among member states.

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habilahmed644
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Introduction
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
(BIMSTEC) is a regional economic organisation comprising seven member states: Bangladesh,
Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. BIMSTEC was established in 1997
with the aim of promoting regional cooperation and development in the Bay of Bengal region.
Objectives

The main objectives of BIMSTEC are to:

• Promote economic and social development in the Bay of Bengal region through joint
endeavours in a spirit of equality and partnership.
• Strengthen cooperation and mutual assistance in the fields of trade, investment,
technology transfer, tourism, culture, and other areas of common interest.
• Create a favorable environment for trade and investment in the region.
• Promote regional connectivity and cooperation in the areas of transport, energy, and
communication.
• Strengthen people-to-people contact and cooperation in the region.

Principles of BIMSTEC

▪ Sovereign Equality
▪ Territorial Integrity
▪ Political Independence
▪ No-interference in Internal Affairs
▪ Peaceful Co- existence
▪ Mutual Benefit
▪ Openness and inclusiveness

Member nations(Not important)

The following are the seven member nations of BIMSTEC:

▪ Bangladesh,Bhutan,India,Myanmar,Nepal,Sri Lanka,Thailand

BIMSTEC Secretariat:

The BIMSTEC Secretariat is the permanent administrative body of BIMSTEC. It is located in


Dhaka, Bangladesh.

Institutional mechanisms of BIMSTEC


ii

BIMSTEC Leaders’ Summit:

The Leaders’ Summit is the highest decision-making body of BIMSTEC. It is held every two
years.

BIMSTEC Ministerial Meeting:

The Ministerial Meeting is held every year and is attended by the Foreign Ministers of the
member states.

BIMSTEC Permanent Working Committee (BPWC):

The BPWC is the executive body of BIMSTEC. It is responsible for overseeing the
implementation of BIMSTEC’s decisions and programs.

Senior Officials Meeting:

The Senior Officials (Secretaries) of the respective External Affairs/Foreign Affairs Ministries of
the Member States attend this meeting.

Business Forum and Economic Forum:

These are the two prominent forums to attract active participation of the private sector in the
focus areas of the organization.

Priority sectors of BIMSTEC

The following are the priority sectors of BIMSTEC:

1) Trade and investment

2) Technology transfer

3) Tourism

4) Transport and communication

5) Energy

6) Culture

7) Education

8) Agriculture

9) Fisheries

10) Public health

11) Poverty alleviation


iii

Challenges Faced by BIMSTEC

BIMSTEC does not seem to have made much progress even though there was not much bilateral
tension-

• Neglect by member states:

It seems that India has used BIMSTEC only when it fails to work through SAARC in
the regional setting and other major members like Thailand and Myanmar are
focused more towards ASEAN than BIMSTEC.

• Inconsistent Meetings:

BIMSTEC planned to hold summits every two years, ministerial meetings every year,
but only four summits have taken place in 20 years upto 2018.

• Broad Focus Areas:

The focus of BIMSTEC is very wide, including 14 areas of cooperation like


connectivity, public health, agriculture etc. It is suggested that BIMSTEC should
remain committed to small focus areas and cooperate in them efficiently.

• No FTA:

BIMSTEC does not have a free trade agreement (FTA) in place. This is a major
obstacle to increasing intraregional trade and investment.

• Bilateral Issues between Member Nations:

Bangladesh is facing one of the worst refugee crisis of Rohingyas from Myanmar
who are fleeing prosecution in the state of Rakhine in Myanmar. There is a border
conflict between Myanmar and Thailand.

• BCIM:

The Bangladesh-China-India-Myanmar (BCIM) Economic Corridor is a competing


regional organization that overlaps with BIMSTEC. This can create confusion and
competition for resources

BIMSTEC Free Trade Area (FTA) Framework Agreement

The BIMSTEC Free Trade Area (FTA) Framework Agreement is a comprehensive agreement
that covers all aspects of trade and investment among the seven BIMSTEC member states:
Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. It was signed on February
6, 2004, in Dhaka, Bangladesh.
iv

The BIMSTEC Trade Negotiating Committee (TNC) is the main body responsible for
negotiating and implementing the BIMSTEC FTA. The TNC is composed of senior trade
officials from the member states. It meets regularly to discuss the progress of the negotiations
and to resolve any outstanding issues.

The main functions of the BIMSTEC FTA Framework Agreement are to:

❖ Liberalize trade in goods and services among the member states.


❖ Promote economic cooperation and development in the BIMSTEC region.
❖ Attract foreign investment to the region.

Cooperation with Asian Development Bank (ADB)

The Asian Development Bank (ADB) becomes a partner in 2005, to undertake the "BIMSTEC
Transport Infrastructure and Logistic Study" (BTILS), which was BIMSTEC Celebrates its 25th
Anniversary completed in 2014.
Habil Ahmed

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