What is BIMSTEC ? Everything about The Bay of Bengal Initiative for Multi-SectoralTechnical and Economic Cooperation (BIMSTEC)

The Bay of Bengal Initiative for Multi-SectoralTechnical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven Member States lying in the areas of the Bay of Bengal.

• This organization came into being in 1997 through the Bangkok Declaration.

Focus Areas:

• BIMSTEC is a sector-driven cooperative organization.

• It started with six sectors—including trade, technology, energy, transport, tourism and fisheriesfor sectoralcooperation in the late 1997.

• Later in 2008, it expanded to embrace nine more sectors—including agriculture, public health, poverty alleviation, counter-terrorism, environment, culture, people to people contact and climate change.

Members:

• It constitutes seven Member States: five deriving from South Asia, including Bangladesh, Bhutan, India, Nepal, Sri Lanka, and two from Southeast Asia, including Myanmar and Thailand.

• Initially, the economic bloc was formed with four Member States with the acronym ‘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).

• With the admission of Nepal and Bhutan at the 6th Ministerial Meeting (February 2004, Thailand), the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).

Objectives of BIMSTEC

• To harness shared and accelerated growth through mutual cooperation in different areas of common interests by mitigating the onslaught of globalization and by utilizing regional resources and geographical advantages.

Significance of BIMSTEC

• The regional group constitutes a bridge between South and South East Asia and represents a reinforcement of relations among these countries.

• BIMSTEC has also established a platform for intra-regional cooperation between SAARC and ASEAN members.

• The BIMSTEC region is home to around 1.5 billion people which constitute around 22% of the global population with a combined gross domestic product (GDP) of 2.7 trillion economy.

• In the last five years, BIMSTEC Member States have been able to sustain an average 6.5% economic growth trajectory despite global financial meltdown.

BIMSTEC Summits

1. 2004: Thailand

2. 2008: India 

3. 2014: Myanmar

4. 2018: Nepal

Kathmandu Declaration: 4th BIMSTEC summit

• The Kathmandu declaration at the 4th BIMSTEC summit reiterated the strong commitment of its members to combat terrorism.

Kathmandu Declaration

One of the key sectors under BIMSTEC is Counter Terrorism and Transnational Crime. The leaders of BIMSTEC in the declaration:

• Deplored terrorism in all forms and manifestations in the world.

• Affirmed that the fight against terrorism should also involve holding States and non-State entities accountable.

• Reiterated strong commitment to combat terrorism and called upon all countries to devise a comprehensive approach including

o Terror financing

o Cross-border movement of terrorists,

o Countering radicalization,

o Countering misuse of internet for purposes of terrorism

o Dismantling terrorist safe havens

Key initiatives under Counter Terrorism andTransnational Crime

1. BIMSTEC Convention on Cooperation in Combating International Terrorism, Transnational Organized Crime and Illicit Drug Trafficking:

• It was signed in 2009.

• This sector is led by India.

• Various aspects of cooperation under Counter Terrorism and Transnational Crimes (CTTC) include

o Narcotic Drugs, Psychotropic Substances and Precursor Chemicals

o Intelligence Sharing

o Legal and Law Enforcement Issues

o Anti- Money Laundering and Combating the Financing of Terrorism

o Human Trafficking and Illegal Migration

o Countering Radicalization and Terrorism.

• While many members have ratified the convention, some members are yet to do it.

2. Expedite the signing of the BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters:

• It is awaiting signature by member states.

• It will primarily help locate, freeze and forfeit or confiscate any funds or finances meant for the financing of all criminal acts in the territory of either party.

3. BIMSTEC National Security Chiefs meetings:

• To promote cooperation and coordination on counter terrorism and transnational crimes.

• 3 meets have been held so far will India hosting the first annual meet in 2017.