Context
Recently, a majority of members in the Lower House of Nepal supported the proposal seeking endorsement of the BIMSTEC Charter.
About
- It was signed and adopted during the Fifth BIMSTEC Summit held in Colombo, Sri Lanka in 2022.
- It presents a legal and institutional framework for BIMSTEC, aiming to create an enabling environment for rapid economic development through the identity and implementation of specific cooperation projects in the agreed regions of cooperation and other areas that can be agreed upon by the Member States.
- It reaffirms the commitment to the concepts and purposes of BIMSTEC as enshrined in the Bangkok Declaration of 1997.
Significance of the BIMSTEC Charter
- The adoption of the BIMSTEC Charter formalises the grouping into an organisation made of member states which can be littoral to, and dependent upon, the Bay of Bengal.
- The Charter allows BIMSTEC to engage in outside relations with non-member States, developmental companions, and regional as well as the UN and International Organisations.
- It stresses the need for a fair, just, equitable, and transparent international order and reaffirms religion in multilateralism with the United Nations at the centre and the rule-based international trading system.
BIMSTEC and India
- Alignment with Foreign Policy: BIMSTEC aligns with India’s ‘Neighbourhood First’ and ‘Act East’ policies.
- It provides a natural platform for India to foster greater regional cooperation in South and Southeast Asia.
- Economic Integration: BIMSTEC is an important detail in India’s strategy for monetary cooperation with South East Asian countries.
- The BIMSTEC Free Trade Area Framework Agreement, signed in 2004, aims to increase trade and economic integration among member countries.
- Security Cooperation: India performs a huge function in BIMSTEC’s security cooperation. Under the brand new modifications followed in the summit, India has become the ‘security pillar’ of BIMSTEC.
- It consists of cooperation in regions which includes counter-terrorism and transnational crime.
- Connectivity and Infrastructure Development: The BIMSTEC Master Plan for Transport Connectivity seeks to attach several major transport projects in India, Bangladesh, Myanmar, and Thailand and establish a shipping network across the Bay of Bengal.
- It aims to benefit the littoral states as well as the Bay of Bengal structured states like Nepal and Bhutan.
Challenges Associated with BIMSTEC for India
- Uneven Progress: Despite being in existence for over 25 years, the pace of cooperation within BIMSTEC has been uneven.
- The progress throughout different sectors has been inconsistent, which has affected the general effectiveness of the business enterprise.
- Regional Conflicts amongst member states: It can hamper the easy functioning of BIMSTEC.
- For example, the Rohingya refugee disaster created tensions between Myanmar and Bangladesh, which affected the operation of BIMSTEC.
- Legal and Institutional Challenges: Finalising legal instruments for diverse projects, together with coastal delivery and road shipping, may be time-eating and complicated.
- These can slow down the progress towards stronger trade relations among the member countries.
- Security Concerns: Terrorism remains an enormous risk to peace and balance in the region.
- While BIMSTEC has been operating closer to strengthening cooperation against terrorism, it continues to be a major challenge.
Conclusion
- The BIMSTEC Charter represents an extensive breakthrough in regional cooperation. It affords a robust framework for the corporation to work towards a peaceful, prosperous, and sustainable Bay of Bengal Region.
- As BIMSTEC enters a new technology with the adoption of its Charter, it is poised to play an important function in fostering regional cooperation and integration.
Source: The News on AIR
UPSC Mains Practice Question
Q.Do you think that BIMSTEC is a parallel organisation like the SAARC? What are the similarities and dissimilarities between the two? How are Indian foreign policy objectives realized by forming this new organisation? (2022)
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