About BIMSTEC

• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a multilateral regional organisation established with the aim of accelerating shared growth and cooperation between littoral and adjacent countries in the Bay of Bengal region.
• It has a total of seven member countries – five from South Asia, including Bangladesh, Bhutan, India, Nepal, and Sri Lanka, and two from Southeast Asia, including Myanmar and Thailand. 
• It was founded in 1997 with the adoption of the Bangkok Declaration. BIMSTEC’s headquarters is situated in Dhaka, Bangladesh.
• The aim of the regional grouping was to revive the connectivity and common interests of the members of the Bay of Bengal region. The regional group constitutes a bridge between South and South East Asia and represents a reinforcement of relations among these countries.

• The BIMSTEC Charter was signed and adopted during the Fifth BIMSTEC Summit held in Sri Lanka in 2022. 

• BIMSTEC is a sector-driven grouping. The following sectors and sub-sectors led by the respective Member States:

Significance of BIMSTEC 

• BIMSTEC region is home to around 1.8 billion people, nearly 22 percent of the global population with a combined gross domestic product (GDP) of US$3.6 trillion. 
• For India, BIMSTEC aligns with its ‘Act East’ policy for greater regional cooperation in southeast Asia. It could also be seen as aligning with India’s larger goal to gain trade and security prominence in the Indian Ocean region.
• Another important factor for India in becoming a prominent leader in the Bay and maintaining peace and security is China making inroads in the Indian Ocean Region over the years. 
• The idea of BIMSTEC also gained prominence at a time when the need for an alternative regional-global organisation is increasingly being felt because of the dormant nature of South Asian Association for Regional Cooperation (SAARC) which has not met since 2014. 

• BIMSTEC is also important owing to the land and maritime trade potential of the member countries.

BIMSTEC Charter

• The charter of BIMSTEC came into effect recently — 27 years after the grouping was first envisioned.
• With the coming into force of the charter, the grouping has acquired a ‘legal personality’ and will be able to enter into structured diplomatic dialogue with other groupings and countries and BIMSTEC will now be open to new members and observers.
• The charter highlights the long-term vision and priorities of the member countries. 
• The charter makes it clear that all decisions will be taken by consensus among current members. 
• The charter also highlights that the leaders’ summit will be held every two years and indicates the procedure for the rotational chairmanship of the organisation. 

Why in News?

• The 2nd Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation (BIMSTEC) Foreign Ministers’ Retreat is being held in New Delhi.

https://www.newsonair.gov.in/2nd-bimstec-foreign-ministers-retreat-begins-in-new-delhi/