With reference to the BIMSTEC The Bay of Bengal Initiative for Multi Sectoral Technical and Economic...........

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With reference to the BIMSTEC(The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation), Consider the following statements:

1. Inititative to establish BIMSTEC was undertaken by India in 1994 to explore economic cooperation on a sub-regional basis involving contiguous countries in South-east and South Asia around the Bay of Bengal.

2. Free Trade Area (FTA) is successfully implemented by BIMSTEC nations.

3. Thailand is a observer member of this organization.

Which of the statements given above is/are incorrect:

1 and 3 only

2 and 3 only

3 only

All

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Explanation:

About BIMSTEC:
The initiative to establish the Bangladesh-India-Sri Lanka-Thailand Economic Cooperation (BISTEC) was undertaken by Thailand in 1994 to explore economic cooperation on a sub-regional basis involving contiguous countries in South-east and South Asia around the Bay of Bengal. Myanmar was admitted in December 1997 and the initiative was renamed as BIMSTEC.
Nepal was granted observer status by the second Ministerial Meeting in Dhaka in December 1998. Subsequently, full membership has been granted to Nepal and Bhutan in 2003
The Bangkok summit in 2004 agreed to change the acronym of BIMSTEC to Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.
The framework agreement on the BIMSTEC Free Trade Area (FTA) was signed in 2004, but it was not made operational.