- Full Organization Name: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
- Type: Regional Intergovernmental Organization
- Membership: 7 member states
- Establishment: Established on 6 June 1997
- Official Language(s): English
- Headquarters: Dhaka, Bangladesh
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven Member States lying in the littoral and adjacent areas of the Bay of Bengal, constituting a contiguous regional unity. The primary objective of BIMSTEC is to harness shared and accelerated growth through mutual cooperation in different areas of common interests by mitigating the onslaught of globalization and by utilizing regional resources and geographical advantages.
BIMSTEC History
BIMSTEC was established on 6 June 1997 through the Bangkok Declaration. Initially, it was formed with four Member States with the acronym ‘BIST-EC’ (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation). Following the inclusion of Myanmar on 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka, and Thailand Economic Cooperation). With the admission of Nepal and Bhutan at the 6th Ministerial Meeting on 23 July 2004 in Phuket, Thailand, the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).
BIMSTEC Structure
The organizational structure of BIMSTEC includes:
- The Summit: Headed by the heads of state/government of the Member States and is the supreme body of the organization.
- The Ministerial Meeting: Comprises the foreign ministers of the Member States and is responsible for formulating policy, reviewing progress, and providing necessary directions.
- The Senior Officials’ Meeting (SOM): Composed of senior officials of the Foreign Ministries of the Member States and is responsible for overseeing the implementation of the policies and decisions.
- The BIMSTEC Secretariat: Headquartered in Dhaka, Bangladesh, and functions as the nodal point for coordination, facilitation, and monitoring of BIMSTEC activities.
BIMSTEC Membership
BIMSTEC has seven Member States from South Asia and Southeast Asia, lying in the littoral and adjacent areas of the Bay of Bengal.
BIMSTEC Objectives
Strengthening Economic Cooperation
BIMSTEC aims to create an enabling environment for rapid economic development through identification and implementation of specific cooperation projects in the sectors of trade, technology, energy, transport, and tourism.
Promoting Peaceful and Secure Environment
The organization is committed to maintaining peace, stability, and a secure environment in the region for the economic development activities to take place effectively.
Fostering Technological and Scientific Cooperation
BIMSTEC encourages active collaboration in the fields of technology and science, including the human resource development sector, to boost economic growth in the region.
BIMSTEC Funding
The funding of BIMSTEC primarily comes from contributions from its member states. The contributions are often decided based on the economic size and capacity of each member.
BIMSTEC Projects
Transport Connectivity
BIMSTEC focuses on enhancing transport connectivity among member countries to facilitate trade and people-to-people contact.
Energy Cooperation
The organization aims to harness shared energy resources through joint projects and collaborations for mutual benefit.
Counter-Terrorism and Transnational Crime
BIMSTEC works on joint efforts to combat terrorism, transnational crime, and illicit drug trafficking in the region.
BIMSTEC Members
Member States
- Bangladesh
- Bhutan
- India
- Myanmar
- Nepal
- Sri Lanka
- Thailand
BIMSTEC serves as a bridge between South and Southeast Asia and represents a reinforcement of relations among these countries. The organization has established itself as a platform for intra-regional cooperation between SAARC and ASEAN members. The Bay of Bengal region, home to BIMSTEC, is a connecting point for the economies of South and Southeast Asia, making this organization pivotal for regional cooperation, peace, and development.