18th Ministerial Meeting of BIMSTEC Summit to hosted by Sri Lanka

Sri Lanka called for greater economic cooperation among the members of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and revitalized trade and investment components among the members.

Sri Lanka’s call came when the 18th Ministerial Meeting of BIMSTEC was held in Colombo in a hybrid mode under the chairmanship of Sri Lanka.

Key Highlights

• The meeting was in virtual mode. Sri Lanka’s foreign minister stood for action within the BIMSTEC for greater economic cooperation.
• Revitalization of the Trade and Investment component was discussed.
• The foreign Ministers of Bangladesh, Bhutan, India, Nepal, Thailand, and Myanmar participated in the meeting.
• The Ministers appreciated the Secretariat to escalate activities in agriculture, food security, connectivity, and the energy sector.

What is BIMSTEC?

• The Bay of Bengal Initiative on Multi-Sectoral Technical and Economy Corporation has seven member states, five coming from South Asia and two from Southeast Asia, lying in the littoral and adjacent areas of Bay of Bengal.
• The member countries are: India, Bangladesh, Bhutan, Nepal, Sri Lanka. Myanmar, Thailand.
• It was established on 6 June 1997 through the Bangkok Declaration.
• The regional group enhances the bridge between South and Southeast Asia Nations. BIMSTEC has also established a platform for intra-regional cooperation between SAARC and ASEAN Nations.
• It is home to 1.5 billion people with a combined GDP of 2.7 trillion economies.
• BIMSTEC’s objective areas for cooperation and collaboration includes:

1. Trade and Investment
2. Climate Change
3. Transport and communication
4. Fisheries
5. Cultural Cooperation
6. Poverty alleviation and public health
7. Tourism
8. Agriculture
9. Counter-Terrorism
10. Environment

• The principles of BIMSTEC are as follows:

1. Sovereign Equality
2. Peaceful Co-Existence
3. Territorial Integrity
4. Political Independence
5. Mutual benefit
6. No talks regarding Internal Affairs

• Important Connectivity Projects under BIMSTEC:

1. Kaladan Multimodal Project links India and Myanmar
2. Asian Trilateral Highway- links India and Thailand via Myanmar
3. Bangladesh Bhutan India Nepal(BBIN) Motor Vehicles Agreement

Significance for India

• The group supports India to counter China’s interest and influence in countries around the Bay of Bengal.
• BIMSTEC acts as a functional group as SAARC has been dysfunctional because of India-Pakistan Clashes.
• It has proved a panacea to economic development in the North-East region by linking them to the Bay of Bengal region.
• Connects India with South-east Asia

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