First edition of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Foreign Ministers' Retreat was held in Thailand in 2023.

About BIMSTEC

• It is a regional organization established in 1997 by signing Bangkok Declaration.
• 7 member states: Bangladesh, India, Sri Lanka, Thailand, Myanmar, Nepal, and Bhutan.
• Permanent Secretariat: Dhaka, Bangladesh.
• BIMSTEC’s Principle: Sovereign equality, Territorial integrity, Political independence, Non-interference in internal affairs, Peaceful co-existence, etc.
• 7 Focus areas: Trade; Environment and Climate Change; Security; Agriculture and Food Security; People-to-People Contact; Science, Technology, and Innovation; Connectivity.
• Combined GDP of BIMSTEC member States amounts to USD 4.5 trillion in 2022 (approx. 4.5% of global GDP).

Significance of BIMSTEC for India

• Regional cooperation: It is a critical intersection of Neighbourhood First Policy and Act East Policy of India.
• Geostrategic importance: Sectoral cooperation in Bay of Bengal region helps to secure critical lines of communication in Indian Ocean Region (IOR) and boost trade. 
• Security: In line with India’s Security and Growth for All in the Region (SAGAR) vision and strengthen maritime cooperation in IOR.
• Potential to overcome the deficiencies of SAARC to evolve as a meaningful platform for regional cooperation in South Asia.