What is BIMSTEC? Why is it important for India?
The BIMSTEC Summit is being held in Bangkok, the capital of Thailand. Prime Minister Narendra Modi has arrived to attend the summit. BIMSTEC was established on June 6, 1997, through the Bangkok Declaration. Currently, it has seven member countries, which include Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar, and Thailand.
BIMSTEC and India
Bangkok: Prime Minister Narendra Modi arrived in Bangkok on April 3 to participate in the BIMSTEC Summit. During his visit, he was welcomed with a guard of honor. PM Modi also held a bilateral meeting with Thailand's Prime Minister, Payutthayut Phuangrat. He may also meet with Thailand's King Maha Vajiralongkorn. Meanwhile, Foreign Minister S. Jaishankar is already in Bangkok and participated in the 20th BIMSTEC Ministerial Meeting. This raises the question: What is BIMSTEC, and why is it so important for India that PM Modi and S. Jaishankar attended this meeting in Bangkok?
What is BIMSTEC?
BIMSTEC stands for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. It is a regional organization with seven member countries located around the Bay of Bengal. The initiative was established on June 6, 1997, through the Bangkok Declaration. The seven member countries include five South Asian nations—Bangladesh, Bhutan, India, Nepal, and Sri Lanka—and two Southeast Asian countries—Myanmar and Thailand. Initially, the block started with four member countries, called 'BIST-EC' (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
How Did BIMSTEC's Membership Expand?
On December 22, 1997, Myanmar joined the group during a special ministerial meeting in Bangkok, and the group's name was changed to 'BIMST-EC' (Bangladesh, India, Myanmar, Sri Lanka, and Thailand Economic Cooperation). In the sixth ministerial meeting (February 2004, Thailand), Nepal and Bhutan joined, leading to the current name 'Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation' (BIMSTEC). BIMSTEC member countries collaborate in various sectors such as trade, investment, development, agriculture, fisheries, livestock, tourism, security, environment and climate change, and science, technology, and innovation.
Why is BIMSTEC Important for India?
The growing instability in Asia, due to the rivalry between the U.S. and China, has increased tensions. China is expanding its maritime and naval capabilities, making the Bay of Bengal a contested region once again. In this context, BIMSTEC has become crucial for India to counter China's growing influence in the Indian Ocean region. The South Asian Association for Regional Cooperation (SAARC), which includes these countries, has become inactive due to Pakistan's actions. Meanwhile, Sri Lanka, under heavy Chinese debt, is distancing itself from Beijing, and Bangladesh's interim government is heavily influenced by China. Given these circumstances, the BIMSTEC Summit is considered important for India.
How Powerful is BIMSTEC?
The combined population of BIMSTEC's member countries is 1.67 billion, and their total GDP is $2.88 trillion. According to Financial Express, trade within BIMSTEC has grown from $5 billion in 2000 to $60 billion in 2023. However, despite over two decades of discussions, the region has yet to finalize a regional free trade agreement.
How is the Chairman of BIMSTEC Selected?
The presidency of BIMSTEC rotates alphabetically among the member countries. The country holding the presidency hosts the summit and hands over the presidency to the next member state in alphabetical order. India held the presidency in 2000 and from 2006 to 2008. Thailand has been the president since 2022, with Bangladesh next in line.