NEWS – The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) will now be open to new members and observers. It was announced by the Ministry of External Affairs, India

New Capabilities: With the charter, BIMSTEC gains a ‘legal personality’ enabling structured diplomatic dialogue with other groupings and countries.

BACKGROUND ON BIMSTEC

Formation and Members

• Establishment: Formed on June 6, 1997, through the Bangkok Declaration.
• Member States: Includes Bangladesh, Bhutan, India, Nepal, Sri Lanka (South Asia) and Myanmar, Thailand (Southeast Asia).
• Secretariat: Located in Dhaka, Bangladesh.

Institutional Mechanisms

• BIMSTEC Summit: Highest decision-making body.
• Ministerial Meeting: Forum for Ministers from member states.
• Senior Officials’ Meeting: Coordination among senior officials.
• Working Group: Addresses specific issues and projects.
• Business and Economic Forums: Engage private sector and economic discussions.

Areas of Cooperation

• Initial Focus: Trade, technology, energy, transport, tourism, and fisheries (since 1997).
• Expansion in 2008: Included additional sectors.
• Reorganization in 2021: Member states now lead specific sectors. India focuses on security, counterterrorism, transnational crime, disaster management, and energy.

SIGNIFICANCE OF BIMSTEC

Global Importance

• Population: Represents around 22% of the world’s population.
• Economic Impact: Combined GDP of approximately USD 2.7 trillion.
• Trade: A quarter of the world’s traded goods pass through the Bay of Bengal annually.

Regional Strategic Incentives

• Bangladesh: Sees BIMSTEC as a platform to elevate its international status.
• Sri Lanka: Opportunity to connect with Southeast Asia and become an Indo-Pacific hub.
• Nepal and Bhutan: A means to overcome landlocked geographic challenges.
• Myanmar and Thailand: Access to India’s market, balancing China’s regional influence.

Importance for India

• Strategic Connection: Links South and Southeast Asia, Great Himalayas, and the Bay of Bengal.
• Foreign Policy: Aligns with India’s “Neighborhood First” and “Act East” policies.
• Regional Influence: Supported India’s call to boycott the SAARC summit in Islamabad.

Countering China’s Influence

• Strategic Location: Bay of Bengal crucial for China’s access to the Indian Ocean.
• Belt and Road Initiative (BRI): China’s investments in BIMSTEC countries, excluding Bhutan and India.
• Counter Strategies: India can promote best practices for connectivity projects against Chinese investments.

Preserving Peace and Navigation

• Open and Peaceful Bay: Showcase the Bay of Bengal as a contrast to the South China Sea.
• Codes of Conduct: Develop regional rules to preserve freedom of navigation.
• Bay of Bengal Zone of Peace: Potential initiative to limit extraregional military activities.