BIMSTEC (Syllabus: GS Paper 3 – IR)

Context: The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has opened its doors to new members and observers with the enforcement of its inaugural charter on May 20, as declared by the Ministry of External Affairs.

BIMSTEC

• About: It is a regional organization signing the Bangkok Declaration.
• Establishment: 1997 
• Full form: The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
• Aim: To promote regional unity and cooperation. Member States include Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar, and Thailand. 

o The Permanent Secretariat is located in Dhaka, Bangladesh.

• Chairmanship of BIMSTEC: Rotates according to the alphabetical order of the English names of the Member States.
• Initially known as: BIST-EC (Bangladesh-India-Sri Lanka-Thailand Economic Cooperation)
• Principles of BIMSTEC: Sovereign equality, territorial integrity, political independence, non-interference in internal affairs, non-aggression, peaceful co-existence, mutual respect and mutual benefit.

The purposes of BIMSTEC: 

• Accelerate economic growth and social progress in the Bay of Bengal region through joint endeavors in equality and partnership.
• Promote collaboration in economic, social, technical, and scientific fields, providing mutual assistance in training and research.
• Cooperate in regional projects to raise living standards, generate employment, and improve transportation and communication infrastructure.
• Maintain peace, combat terrorism and organized crime, address natural disasters and climate change, and eradicate poverty in the region through collaboration with international organizations.