BIMSTEC Full Form

BIMSTEC Full Form is the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. The member nations of BIMSTEC works in cooperation for the growth and development of areas situated near Bay of Bengal. The primary aim of forming BIMSTEC is to promote economic growth and prosperity.

What is the Full Form of BIMSTEC?

BIMSTEC full form is the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. BIMSTEC is known as a ‘Multilateral Regional Organization’. Member Nations of this regional unity are located along the littoral and in nearby areas of the Bay of Bengal. BIMSTEC nation includes not only South and Southeast Asia but also the Great Himalayan and the nation nearby Bay of Bengal. The primary goal of BIMSTEC is to build and develop cooperation on the issues of regional importance, promote social advancement and create an environment that is conducive to rapid economic development. BIMSTEC as an organization comprises 21.7% of the global population and has a combined Gross Domestic Product (GDP) of 3.8 trillion USD. Therefore, it has become an important contributor to the global economy.

History of BIMSTEC

The Bangkok Declaration, which founded the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation known as BIMSTEC was signed on 6th June, 1997. With the inclusion of Myanmar on December 22nd, 1997 and Bhutan and Nepal in February 2004, the organization was earlier known as BIST-EC (namely Bangladesh, India, Sri Lanka and Thailand Economic Cooperation). In the current scenario, the organization has changed its name to BIMSTEC which currently includes seven Member States.

On 6th June, 1997, the representatives from the country of Bangladesh, India, Sri Lanka and Thailand met in Bangkok to sign the declaration known as the ‘Declaration on the Establishment of the Bangladesh-India-Sri Lanka-Thailand Economic Cooperation’ which was  known as BIST-EC. The institutional development and growth of BIMSTEC has been steady. With this, the BIMSTEC Secretariat was established in Dhaka, Bangladesh, in the same year as a result of the mutual decision that was made at the Third BIMSTEC Summit in 2014 which also offered an organized and settled framework for promoting and deepening cooperation.

Institutional Mechanisms of BIMSTEC

BIMSTEC Summit

Ministerial Meeting

Senior Officials’ Meeting

BIMSTEC Working Group

Business Forum & Economic Forum

BIMSTEC Countries List

As of now, there are 7 member countries in the BIMSTEC organization. Out of the 7 members, Five members are from South Asia i.e Bangladesh, Bhutan, India, Nepal and Sri Lanka and Two countries are from Southeast Asia i.e Myanmar and Thailand. The BIMSTEC Countries alongwith the capital cities are given below:

Purpose of BIMSTEC

• To make and implement targeted initiatives of cooperation in the areas of cooperation and also in any additional areas that the Member States may decide upon mutually. This cooperation will foster an environment that is suitable to rapid economic growth and development. However, the working process in areas of cooperation may be reviewed by Member States on a regular basis.
• BIMSTEC enhances social and economic development in the Bay of Bengal region with collaborative efforts in a spirit of equality and equal partnership.
• To promote active cooperation and provide help on issues of shared interest in the matter of economics, society, technology and science.
• BIMSTEC members collaborate with one another to construct the training and research centers especially for the academic, professional and technological purpose.
• BIMSTEC focuses more effectively on several projects that support the national developmental strategies of the Member States and set the standard living conditions for the population, particularly by creating jobs and enhancing better infrastructure for transportation and communication.
• To collaborate together on the projects that could be managed effectively in the region among the BIMSTEC Member States and helps in utilizing the synergies available.
• To make an effort to alleviate and eradicate poverty in the Bay of Bengal region.
• The member nations aim to promote trade and investment as key components of the region’s economic and social development.

BIMSTEC Summit 2023

The first-ever Foreign Minister’s meeting of the BIMSTEC took place on 17th July, 2023 in Bangkok, Thailand. The theme of this year’s summit was “Igniting the Flames of Regional Unity and Prosperity”. The main vision of the BIMSTEC summit was to take member nations towards a prosperous, resilient way by fostering sustainable growth and development. The vision aims to make the countries geographically, politically and economically adept.

Areas in Cooperation in BIMSTEC

BIMSTEC is a sector-driven organization which was initially focussed on six sectors. In 1997, BIMSTEC focussed on trade, technology, energy, transport, tourism and fisheries. In 2008, it was expanded to various other sectors such as agriculture, public health, poverty alleviation, counter-terrorism, environment, culture, maintaining people-to-people ties and climate change. In an effort to rationalize and reorganize various sectors and sub-sectors, cooperation among the member nations  was structured. The list of various sectors and sub-sectors for which the member nations work together are given below: