Significance of BIMSTEC

GS2: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.
 

What is the issue?

  • Leaders from the BIMSTEC, Kyrgyz Republic and Mauritius are invited for the swearing-in ceremony of new Indian government.

BACKGROUND

  • BIST-EC (Bangladesh, India, Sri Lanka, and Thailand – Economic Cooperation) was formed at a meeting in Jun 1997 in Bangkok.
  • Myanmar was admitted in Dec 1997 and the organization was renamed as BIMST-EC. The grouping expanded when Nepal and Bhutan were admitted in Feb 2004.
  • The grouping’s name was changed to BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) at 1st Summit Meeting held in Bangkok in Jul 2004.
  • Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) comprising Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
  • It brings together 1.5 billion people – 21% of the world population, and a combined GDP of over US$ 2.5 trillion.
  • BIMSTEC organizes inter-governmental interactions through Summits, Ministerial Meetings, Senior Officials Meetings and Expert Group Meetings and through BIMSTEC Working Group (BWG) based in Bangkok.
Location: Thiruvananthapuram, Kerala, India

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