BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is a regional organization established in 1997 with the signing of the Bangkok Declaration.
- It is a sector-driven grouping comprising of seven Member States (Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand).
- Its Charter was finalised in the 5th Summit (2022) in Sri Lanka.
Key Outcomes of the 6th Summit
- BIMSTEC Bangkok Vision 2030: First-ever vision outlining a strategic plan to build a Prosperous, Resilient and Open or “PRO BIMSTEC” by 2030 focusing on economic integration, connectivity, and human security.
- Agreement on Maritime Transport Cooperation: Strengthen maritime connectivity between South and Southeast Asia, improve logistical efficiency, reduce trade costs, etc.
Major India -Led Initiatives
- BIMSTEC Centres of Excellence: To be set up in India on Disaster Management, Sustainable Maritime Transport, Traditional Medicine, and Research and Training in Agriculture.
- BODHI [BIMSTEC for Organized Development of Human Resource Infrastructure]: Programme for skilling the youth through training and scholarships to professionals, students, researchers, etc.
- Digital Public Infrastructure: India to conduct a pilot study assessing its need in the region.
- Strengthening people-to-people linkages: India to host first BIMSTEC Games in 2027.
- Establishing BIMSTEC Chamber of Commerce: With the organization of BIMSTEC Business Summit annually.
