Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation

Bay of Bengal Initiative for
Multi-Sectoral Technical and Economic Cooperation
Flag
HeadquartersDhaka
Membership
Leaders
 •  Chairmanship    Nepal (since 2014)
Establishment 6 June 1997
Website
www.bimstec.org

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation involving a group of countries in South Asia and South East Asia. These are: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.

Background

On 6 June 1997, a new sub-regional grouping was formed in Bangkok and given the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).[1][2] Myanmar attended the inaugural June Meeting as an observer and joined the organisation as a full member at a Special Ministerial Meeting held in Bangkok on 22 December 1997, upon which the name of the grouping was changed to BIMST-EC. Nepal was granted observer status by the second Ministerial Meeting in Dhaka in December 1998. Subsequently, full membership has been granted to Nepal and Bhutan in February 2004.

In the first Summit on 31 July 2004, leaders of the group agreed that the name of the grouping should be known as BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.[3]

Bimstec Headquarters is situated in Dhaka, Bangladesh and opened by Bangladeshi Prime Minister Sheikh Hasina (13 September 2014)

The main objective of BIMSTEC is technological and economic cooperation among south Asian and south east Asian countries along the coast of the bay of Bengal . Commerce, investment, technology, tourism, human resource development, agriculture, fisheries, transport and communication, textiles, leather etc. have been included in it .

Participating countries

Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal

BIMSTEC priority sectors

BIMSTEC has Fourteen priority sectors cover all areas of cooperation. Six priority sectors of cooperation were identified at the 2nd Ministerial Meeting in Dhaka on 19 November 1998. They include the following:

After the 8th Ministerial Meeting in Dhaka on 18–19 December 2005, a number of new areas of cooperation emerged. The number of priority sectors of cooperation increased from 6 to 14. The 7 new sectors were discussed in the 1st BIMSTEC Summit and there has been various activities to enhance those co-operations ever since. The sectors are as follows,

Chairmanship

BIMSTEC uses the alphabetical order for the Chairmanship. The Chairmanship of BIMSTEC has been taken in rotation commencing with Bangladesh (1997–1999), India (2000) Myanmar (2001–2002), Sri Lanka (2002–2003), Thailand (2003–2005), Bangladesh (2005–2006). Bhutan asked for the skip. So it's turned to India (2006–2009). In November 2009, Myanmar hosted the 12th Ministerial Meeting and assumed BIMSTEC Chairmanship. The 13th Ministerial Meeting also chaired by Myanmar, which was held in Nay Pyi Taw, Myanmar on 22 January 2011. Nepal formally took over the new Chairmanship as on 4 March 2014. Sumith Nakandala of Sri Lanka became the first Secretary General of BIMSTEC.[4]

Cooperation with Asian Development Bank (ADB)

The ADB has become BIMSTEC's development partner since 2005, to undertake a study which is designed to help promote and improve transport infrastructure and logistic among the BIMSTEC countries. So far, ADB has already finished the project so called BIMSTEC Transport Infrastructure and Logistic Study (BTILS). The final report of the said study from ADB has already been conveyed to all members and being awaited for the feedback. Other fields of cooperation will be designed later on. Its headquarters is situated at Mandaluyong, Philippines

BIMSTEC Centre

At the Sixth BIMSTEC Ministerial Meeting on 8 February 2004 in Phuket, Ministers endorsed the setting up of a Technical Support Facility (TSF). As reflected in the Ministerial Joint Statement, this Technical Support Facility would "serve the BIMSTEC Working Group (BWG) and to coordinate BIMSTEC activities, including those of the BIMSTEC Chamber of Commerce, for a trial period of two years". The decision by the Ministers was based upon the recommendation proposed by BIMSTEC Senior Officials who met in Bangkok during 17–19 September 2003. On this particular item, the SOM had with them a draft report prepared by Mr David Oldfield, an ESCAP consultant, on "Towards Setting up a BIMSTEC Technical Support Facility and Permanent Secretariat: Considerations and Options". The report recommended that a TSF should be set up in Bangkok and would initially serve just the BWG during the trial period of two years.

Since the Establishment of the Permanent Secretariat is awaited to consider in the 2nd Summit, which was held on 12–13 November 2008 in India, Thailand had already extended the contract of the BIMSTEC Centre for another year from June 2007 - May 2008. So far, the Ministry of Foreign Affairs of Thailand had recently extended the contract for another year from 1 June 2008 – 31 May 2009.

BIMSTEC Free Trade Area Framework Agreement

Free Trade Area Framework Agreement in order to stimulate trade and investment in the parties, and attract outsiders to trade with and invest in BIMSTEC at a higher level. All members, except Bangladesh because of domestic procedure, became signatories to the Framework Agreement in the 6th Ministerial Meeting, as witnessed by the Prime Minister of Thailand and BIMSTEC's Foreign Ministers.

Bangladesh later joined the Framework Agreement on 25 June 2004. The Trade Negotiating Committee (TNC) was set up and had its 1st 'khyoiujholiach country's chief negotiator act as TNC's spokespersons, while TNC's chairperson will report the result via STEOM to the Trade and Economic Ministerial Meeting. TNC's negotiation area covers trade in goods and services, investment, economic cooperation, as well as trade facilitations and also technical assistance for LDCs in BIMSTEC. It was agreed that once negotiation on trade in goods is completed, the TNC would then proceed with negotiation on trade in services and investment.

See also

References

  1. ↑ Haidar, Suhasini (15 October 2016). "BIMSTEC a sunny prospect in BRICS summit at Goa". The Hindu. Retrieved 16 October 2016.
  2. ↑ "BRICS Summit 2016: BIMSTEC members have economic opportunities to share, said Narendra Modi - The Economic Times". The Economic Times. Retrieved 16 October 2016.
  3. ↑ See for a detailed historical account of the founding and evolution of BIST-EC and BIMST-EC e.g. Michael, Arndt (2013). India's Foreign Policy and Regional Multilateralism (Palgrave Macmillan), pp. 145-163.
  4. ↑ "Third BIMSTEC Summit Declaration". Retrieved 12 March 2014.

External links

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