BIMSTEC has established a platform for inter-regional cooperation between SAARC and ASEAN members. The first BIMSTEC Summit was organized on the 31. But with changing times and requirements, 9 more sectors were included in 2008. The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation involving a group of countries in South Asia and South-East Asia. BIMSTEC also lends itself to sub-regional economic cooperation, something that is also proposed by India. With a combined GDP of 2.7 trillion dollars, BIMSTEC becomes a sector driven cooperative organization. It also reposes faith unequivocally in the principles and purposes of the UN Charter and strives to strengthen it. Starting with 6 sectors including trade, technology, energy, transport, tourism, and fisheries for sectoral cooperation in late 1997, it expanded to embrace 9 more sectors, namely: agriculture, public health, counter-terrorism, poverty alleviation, environment, culture, people-to-people contacts and climate change in 2008. Comparing BIMSTEC and SAARC in terms of trade, trade amongst the BIMSTEC countries reached 6% in just a decade, while in SAARC, it has remained around 5% since its inception. Since it’s an organization of 7 developing nations, it is important for BIMSTEC to respect territorial integrity and political independence. They included: Agriculture, public health, poverty alleviation, counter-terrorism, environment, culture, people-to-people contacts, and climate change. BIMSTEC constitutes 7 member states, namely: 5 from South Asia, including Bangladesh, Bhutan, India, Nepal, Sri Lanka, and 2 from Southeast Asia, namely: Myanmar and Thailand. Required fields are marked *, Aspirants would find this article very helpful while preparing for the. It also aims at constituting an addition to and not being a substitute for bilateral, regional, or multilateral cooperation involving member states. The regional group forms a bridge between South and Southeast Asia and represents a reinforcement of relations between these countries. This was suspended for an indefinite period as member countries declined to participate- a signal that there was an absence of a conducive, regional environment. He said that BIMSTEC represents a common space for peace and development. 7 members : Bangladesh India Myanmar Sri Lanka Thailand Bhutan Nepal Established in 1997 in Bangkok Bangladesh, India, Sri Lanka, and Thailand were founding members HQ : Dhaka, … Even after 2 decades, BIMSTEC’s integration within the region remained limited. Your email address will not be published. BIMSTEC Disaster Management Exercise – 2017, Copyright@IAS Abhiyan-2020 I All Rights Reserved. The two decades old, BIMSTEC has been recently revived by its 7 members. Thus, BIMSTEC is becoming a more vibrant organization when compared to SAARC. BIMSTEC’s primary objective is to facilitate technological and economic cooperation among its members. When it started in 1997, BIMSTEC had six areas of cooperation, including trade, technology, energy, transport, tourism and fisheries. It is based on two founding principles: a) to respect the principle of Sovereign equality, Territorial Integrity, Political Independence, Non-Interference in internal affairs, Peaceful Co-existence and Mutual Benefit. Your One-Stop Solution for All round UPSC Civil Service Exam Preparations. He also urged nations to unite to combat terrorism, cross-border crime and drugs. The 18 point Kathmandu declaration is expected to enhance the effectiveness of the BIMSTEC Secretariat by engaging it in various technical and economic activities in the region. BIMSTEC emerged as a vehicle for regional cooperation with its primary focus on economic and technical cooperation among the countries of South Asia and Southeast Asia. It also analyses the difference between BIMSTEC and SAARC, by analyzing the objectives of SAARC and reasons for failure of SAARC. A team of Dedicated Mentors are at work to help you through Revision, Current Affairs, Test Series, Standard Notes to ace Your Dream to became an IAS ! 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