The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional grouping of seven countries i.e. Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand that lie in the littoral and adjacent regions of the Bay of Bengal. This sub-regional organisation came into being on June 6, 1997, through the Bangkok Declaration. The first summit was held in 2004 and the secretariat established in Dhaka in 2014.Technological and economic cooperation among South Asian and Southeast Asian countries along the coast of the Bay of Bengal is the main objective of BIMSTEC

Body:

BIMSTEC is a bridge between South Asia and South East Asia. BIMSTEC has gained more favour as the preferred platform for regional cooperation in South Asia.

Significance of BIMSTEC in bridging South Asia and Southeast Asia:

• Connectivity:
  • BIMSTEC serves two purposes for India – it makes it easier for India to share a common regional platform with its neighbours in South Asia (sans Pakistan) and secondly, BIMSTEC also establishes a linkage between South and Southeast Asia.
  • Urgency of promoting regional and sub-regional cooperation via BIMSTEC and BBIN has to be seen in the context of China’s BRI and the compelling strategic challenge posed by China’s muscular geo-economic and geo-political interventions in Asia, particularly in India’s neighbourhood.
  • The development of the North-eastern region, by opening up to Bangladesh and Myanmar, is another incentive for India.
• Regional Co-operation: Regional cooperation under the ambit of SAARC has become difficult made BIMSTEC more viable:
  • Despite India’s keen interest in cooperating and strengthening intra-regional connectivity by backing the SAARC–Motor vehicle agreement, the agreement was stalled following Pakistan’s reluctance.
  • Similarly, the SAARC satellite project that India proposed was abandoned following objection from Pakistan in 2016
  • SAARC has also faced obstacles in the area of security cooperation. A major hindrance in this regard has been the lack of consensus on threat perceptions, since member countries disagree on the idea of threats. Example: cross-border terrorism emanating from Pakistan.
• Cordial Relationship:
  • The member countries have generally cordial relationships, something patently missing among the SAARC countries.
  • BIMSTEC’s major strength comes from the fact that it includes two influential regional powers: Thailand and India. This adds to the comfort of smaller neighbours by reducing the fear of dominance by one big power.
• Economic vistas: As a trade bloc, BIMSTEC provides many opportunities.
  • The region has countries with the fastest-growing economies in the world. The combined GDP in the region is around US$2 trillion and will likely grow further.
  • Trade among the BIMSTEC member countries reached six percent in just a decade, while in SAARC, it has remained around five percent since its inception.
  • Compared to SAARC, BIMSTEC has greater trade potential as well. Among the member countries, India’s intra-BIMSTEC trade is around 3 percent of its total trade.
  • BIMSTEC regional grouping happens to have five nations that are also part of SAARC. The fact that this region is growing at 6.5% per annum, collectively comprises of 1.5 billion people, is the drive behind India’s focus being part of BIMSTEC.

Stakes for India in BIMSTEC:

• BIMSTEC is the natural platform for India to implement its regional connectivity, Neighbourhood First and Act East policies.
• BIMSTEC is important for free trade agreement, poverty alleviation, tourism, energy and climate change, and even counter-terrorism and disaster management.
• BIMSTEC could allow India to push a constructive agenda to counter Chinese investments, and follow best practices for connectivity projects based on recognised international norms.
• Myanmar and Thailand, have a crucial place for India’s ambitious connectivity plans for north-eastern region.
• Myanmar is only Southeast Asian country India has a land boundary with.
• India-Myanmar-Thailand highway is one of the key projects that figures in a big way in the government’s Act East policy

Way Forward:

• The members need to work collectively towards making BIMSTEC a stronger, more effective and result-oriented organisation for achieving a peaceful, prosperous and sustainable Bay of Bengal Region.
• BIMSTEC secretariat must be significantly empowered with more human and financial resources.
• BIMSTEC will have to prioritize economic connectivity, which is the prerequisite for regional integration.
• Need for upgrading cooperation in disaster management, terrorism, maritime security and transnational crime.
• BIMSTEC weather and climate centre at Noida should be converted into a development centre on disaster manage
• India can provide training to member states at its disaster management training centre in Nagpur.
• India will need to take on an informal BIMSTEC leadership role and let its commitments lead by example.
• Now is the time not just to deliberate, but also to deliver. Now is the time to translate promises into performance.