International Relations News

BIMSTEC

Written by Talent KAS

Related Topic in KAS Prelims Syllabus:

International Relations [Paper-I]: India’s Foreign Policy, International Organisations, International Treaties and Forums, their structure and mandate

News

  • The two-day BIMSTEC (Bay of Bengal Initiative Multi-sector Technical and Economic Cooperation) Ports’ Conclave will be held on 7th and 8th November, 2019 at Visakhapatnam.

BIMSTEC Ports’ Conclave

  • The conclave is being organised for the first time ever since formation of BIMSTEC in 1997.
  • The thrust would be to discuss and share experiences in increasing productivity, availing investment opportunities, development of free trade zones, development of tourism and measures required for safety and security.
  • Ease of doing business, sharing of expertise, and emulation of best practices would be few among the deliberations.
  • Brainstorming sessions will be held with the signing of several MoUs on day one and organising beach cleaning campaign under Swachh Bharat Abhiyan and visit to the port facilities on the last day of the conclave.

About BIMSTEC

  • It is a regional organization comprising seven Member States lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
  • This sub-regional organization came into being on 6th June, 1997 through the Bangkok Declaration.
  • It constitutes seven Member States: five deriving from South Asia, including Bangladesh, Bhutan, India, Nepal, Sri Lanka, and two from Southeast Asia, including Myanmar and Thailand.

Objective

  • The objective of BIMSTEC is to harness shared and accelerated growth through mutual cooperation in different areas of common interests by mitigating the onslaught of globalization and by utilizing regional resources and geographical advantages.
  • Unlike many other regional groupings, BIMSTEC is a sector-driven cooperative organization.

Significance

  • The BIMSTEC region is home to around 1.5 billion people which constitute around 22% of the global population with a combined gross domestic product (GDP) of 2.7 trillion economy.
  • The regional group constitutes a bridge between South and South East Asia and represents a reinforcement of relations among these countries.
  • BIMSTEC has also established a platform for intra-regional cooperation between SAARC and ASEAN members.
  • In the last five years, BIMSTEC Member States have been able to sustain an average 6.5% economic growth trajectory despite global financial meltdown.

[Source: The Hindu, bimstec.org]

 

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Talent KAS