BIMSTEC Full Form
What is the Full Form of BIMSTEC?
The entire name of BIMSTEC is the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). Seven South and Southeast Asian countries make up the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), which has a combined GDP(Gross Domestic Product) of US$4.4 trillion and a population of 1.73 billion (2022). Among the nations that rely on the Bay of Bengal are the BIMSTEC member states of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. The Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation, formerly known as BIST-EC ( India, Bangladesh, Myanmar, Sri Lanka, and Thailand Economic Cooperation), has changed its name to BIMSTEC and currently has seven Member States. The Bangkok Declaration, which was signed on June 6, 1997, established the organization. Myanmar joined on December 22, 1997, and Bhutan and Nepal joined in February 2004.
- BIMSTEC History
- Recent Developments
- BIMSTEC Objectives
- BIMSTEC Significance
BIMSTEC History
BIST-EC ( India, Bangladesh, Myanmar, Sri Lanka, and Thailand Economic Cooperation), a new sub-regional organisation, was established in Bangkok on June 6th, 1997. (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation). The Group was renamed "BIMST-EC" after Myanmar was included on December 22, 1997, during a special Ministerial Meeting in Bangkok. Nepal was admitted as an observer in 1998. Nepal and Bhutan were admitted as full members in February 2004. The grouping was renamed “the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)” on July 31, 2004, during the first Summit.
Recent Developments
On April 1, 2021, Sri Lanka virtually presided over the 17th BIMSTEC Ministerial Meeting, which was attended by all member states.
Note that the India-based BIMSTEC Centre for Weather and Climate is fully operational and equipped with cutting-edge resources to deliver disaster early warnings.
Other member states praised the actions of Indian Prime Minister Narendra Modi, including the BIMSTEC Startup Conclave in January 2021, the BIMSTEC Disaster Management Exercise in Puri in February 2020, and the Conference on Combating Drug Trafficking for BIMSTEC Countries in February 2020.
BIMSTEC Objectives
Fostering conditions that will allow the sub-economy regions to grow quickly.
Encouraging active cooperation and assistance between member nations in areas of shared interest
Increasing mutual support in the areas of technology, research, and education, among others.
BIMSTEC Significance
Enables India to combat China's escalating influence in nations bordering the Bay of Bengal as a result of the Belt and Road Initiative's expansion.
As the South Asian Association for Regional Cooperation (SAARC) breaks down due to disputes between India and Pakistan, India needs a new forum to interact with its neighbours.
Frequently Asked Questions (FAQs)
Bay of Bengal Initiative on Multi-Sectoral Technical and Economic Cooperation is the full form of BIMSTEC.
The headquarters of BIMSTEC are in Bangladesh's Dhaka.
It was created in 1997 as a result of the Bangkok Declaration.
Seven countries make up the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). Members include India, Bhutan, Bangladesh, Myanmar, Thailand, Nepal, and Sri Lanka. In BIMSTEC countries, one-fourth of the world's population resides.
On April 1, 2021, the 17th BIMSTEC Ministerial Meeting took place. All BIMSTEC Member States took part in the virtual meeting, which was presided over by Sri Lanka. All of the member states also decided on the location of the 5th BIMSTEC summit 2021, which will take place in Sri Lanka during the next several months.