BIMSTEC Summit In Thailand: What Is BIMSTEC? Why Is It Crucial For India?

Prime Minister Narendra Modi on Thursday arrived in Thailand to attend the sixth edition of the BIMSTEC Summit on April 4. The prime minister during also held meetings with Prime Minister Paetongtarn Shinawatra along side other leaders on the sidelines of the summit..

"Landed in Bangkok, Thailand. Looking forward to participating in the upcoming official engagements and strengthening the bonds of cooperation between India and Thailand", PM Modi posted on X upon reaching Thailand on Thursday.

Commenting on India's stance about BIMSTEC, External Affairs Minister (EAM) S Jaishnakar, who is in Thailand, said, 바카라œTask before BIMSTEC is to be realistic about where we stand today, confident about the foundation of our endeavours and optimistic about its coming possibilities바카라¦ India is aware of its special responsibility in regard to BIMSTEC. India connects most of them, provides much of the interface between the Indian Sub-continent and ASEAN."

Here we have a brief account of the multilateral organization

What Is BIMSTEC?

BIMSTEC, which is also known as Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), is a sub-regional multilateral organization.

It includes seven member states situated around the Bay of Bengal.

It was established on 6 June 1997 through the Bangkok Declaration.

The Member States

The list of seven member nations include Bangladesh, Bhutan, India, Nepal, and Sri Lanka, Myanmar, and Thailand. Originally, the acronym was 'BIST-EC' and it represented the initials of the member nations as 'Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation'.

Later in1997, Myanmar joined the organization during a special Ministerial Meeting in Bangkok which led to group바카라™s renaming to 바카라˜BIMSTEC바카라™ (Bangladesh, India, Myanmar, Sri Lanka, and Thailand Economic Cooperation).

The current name 바카라˜Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation바카라™ (BIMSTEC) came following the inclusion of Nepal and Bhutan at the 6th Ministerial Meeting in February 2004.

Rotational Chairmanship Of BIMSTEC

As per rules, the Chairmanship of BIMSTEC rotates in alphabetical order based on the English names of the member states.

The transfer of chairmanship officially takes place during a Summit Meeting, where the current chairing member state hosts the Summit and hands over the Chairmanship to the next member state in alphabetical order.

India held the chairmanship of BIMSTEC in 2000 and from 2006 to 2008. Thailand has been the chairman since 2022 and Bangladesh is next in line.

BIMSTEC's Objective

BIMSTEC member nations' mutual cooperation includes several sectors, including trade, investment, and development; agriculture, fisheries, livestock, tourism, security, environment and climate change, and science, technology, and innovation.

According to a report by the Financial Express, BIMSTEC nations collectively encompass 1.67 billion people, a total GDP of $2.88 trillion, and a significant source of high-value energy.

Why BIMSTEC Is Crucial For India?

BIMSTEC holds strategic importance for India in battling China바카라™s growing influence in the Indian Ocean region. China at this moments is focusing on expanding its maritime and naval arsenal amid the Washington-Beijing rivalry which is turning the Bay of Bengal into a contested zone.

Commenting on the importance of BIMSTEC, EAM Jaishankar said that the multiateral organization represents the trifecta of India바카라™s three crucial initiatives: the Act East policy, the Neighbourhood First approach and the MAHA-SAGAR outlook and asserted that it is also on the pathway to New Delhi바카라™s Indo-Pacific commitment.

He said that India바카라™s North-Eastern region in particular is emerging as a connectivity hub for BIMSTEC while highlight that the IMT Trilateral Highway will connect India바카라™s North East all the way to the Pacific Ocean.