- The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of seven nations of South Asia and Southeast Asia.
- 1.5 billion people and having a combined gross domestic product of $3.5 trillion (2018).
- The BIMSTEC member states – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand – are among the countries dependent on the Bay of Bengal.
- The BIMSTEC Permanent Secretariat at Dhaka was opened in 2014 and India contributes 33% of its expenditure.
- The BIMSTEC uses the alphabetical order for the Chairmanship.
- The Asian Development Bank (ADB) becomes a partner in 2005, to undertake the "BIMSTEC Transport Infrastructure and Logistic Study" (BTILS), which was completed in 2014.
History
- On 6 June 1997, a new sub-regional grouping was formed in Bangkok under the name 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)
- In 1998, Nepal became an observer. In February 2004, Nepal and Bhutan become full members.
- On 31 July 2004, in the first Summit the grouping was renamed as BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.
Objective
There are 14 main sectors of BIMSTEC along technological and economic cooperation among south Asian and southeast Asian countries along the coast of the Bay of Bengal.
- Trade & Investment
- Transport & Communication
- Energy
- Tourism
- Technology
- Fisheries
- Agriculture
- Public Health
- Poverty Alleviation
- Counter-Terrorism & Transnational Crime
- Environment & Disaster Management
- People-to-People Contact
- Cultural Cooperation
- Climate Change
Sectors 7 to 13 were added at the 8th Ministerial Meeting in Dhaka in 2005 while the 14th sector was added in 11th Ministerial Meeting in New Delhi in 2008.