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Context: This week's episode of India's World analyses how BIMSTEC has evolved through its journey since 1997, its growing significance in India’s foreign policy, and what would be required going forward to further build the momentum of regional cooperation between members of the grouping, which marks its silver jubilee next year. Recently, 17th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Ministerial Meeting.
Key Points India’s Stand at the Meeting
Outcome of the Meeting
Concern
What is BIMSTEC? The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional multilateral organisation.
Out of the 7 members,
BIMSTEC not only connects South and Southeast Asia, but also the ecologies of the Great Himalayas and the Bay of Bengal.
Genesis of BIMSTEC
Objectives
Principles of BIMSTEC
Potential
A fourth of the world’s traded goods cross the bay every year. Important Connectivity Projects
Significance for India
Allows India to pursue three core policies
Allows India to counter China’s creeping influence in countries around the Bay of Bengal due to the spread of its Belt and Road Initiative.
Areas of Cooperation: Trade and Investment; Technology; Energy; Transportation and Communication; Tourism; Fisheries; Agriculture; Cultural Cooperation; Environment and Disaster Management; Public Health; People-to-People Contact; Poverty Alleviation; Counter Terrorism and Transnational Crime; Climate Change
Institutional Mechanisms BIMSTEC Summit – highest policymaking body in BIMSTEC process and is comprised of heads of state/government of member states. Ministerial Meeting – second apex policy-making forum of BIMSTEC attended by the External/Foreign Ministers of Member States. Senior Officials’ Meeting – represented by Senior Officials of Foreign Ministries of the Member States. BIMSTEC Working Group – attended by Ambassadors of BIMSTEC Member Countries to Bangladesh or their representatives on a monthly basis at the BIMSTEC Secretariat in Dhaka. Business Forum & Economic Forum – the two important forums to ensure active participation of private sector. Challenges
Though largely devoid of bilateral tensions, as is the case in SAARC, BIMSTEC does not seem to have made much progress.
Road Ahead
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