BIMSTEC

BIMSTEC: At the 6th BIMSTEC Summit held in Bangkok, the Prime Minister of India unveiled a 21-point Action Plan to strengthen regional cooperation and announced the setting up of a Centre of Excellence for Traditional Medicine to foster research and dissemination in the sector.

• About the recent key initiatives:

o Business & Trade: Set up a BIMSTEC Chamber of Commerce

o Information Technology: Pilot study to assess Digital Public Infrastructure (DPI) needs and enable UPI payment connectivity across member nations.

o Disaster Management: Establish a Centre of Excellence in India and conduct the 4th joint disaster management exercise

o Space Cooperation: Develop ground stations for training and remote sensing and promote Nano Satellite manufacturing and launching

o Capacity Building & Training: Launch the BODHI Initiative (training 300 youth/year)

o Youth Engagement: Organize BIMSTEC Young Leaders' Summit and launch BIMSTEC Hackathon & Young Professional Visitors Programme

• About BIMSTEC: It is a regional multilateral organization that connects South Asia and Southeast Asia, established in 1997 through the Bangkok Declaration.

o Member Countries: South Asia - Bangladesh, Bhutan, India, Nepal, Sri Lanka & Southeast Asia - Myanmar, Thailand.

o Key Features: Acts as a bridge between South and Southeast Asia, linking the Himalayan region with the Bay of Bengal → Focuses on sectors like economic growth, trade, technology, energy, security, and connectivity → Serves as an alternative to SAARC for promoting regional cooperation.