BIMSTEC stands for Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. It is a regional organization formed to promote economic and technical cooperation among countries bordering the Bay of Bengal.
Established in 1997 through Bangkok declaration. Members include Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand.
Objectives:
1.Accelerate economic growth and social progress
2.Promote multi-sectoral cooperation
3.Bridge South Asia-Southeast Asia divide
4.Enhance regional connectivity and integration
5.Counter terrorism, climate change and disaster risks.
India leads the transport and connectivity sector.
Importance for India:
1.Connects South Asia with ASEAN
2.Key platform to engage Southeast Asia
3.Important for maritime cooperation, naval strategy
4.Enhances connectivity
Challenges:
1.Lack of Political Commitment
2.Slow implementation of agreements
3.Overlapping memberships with SAARC, ASEAN
4.China’s influence in Myanmar & region
5.Funding & Institutional capacity issues
