• UGI USER
  • Jan 18, 2023
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Meeting of BIMSTEC

News: The Indian government hosted a meeting of the Joint Working Group on Counter Terrorism and Transnational Crime of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) in New Delhi.

 

  • The BIMSTEC region’s traditional and new non-traditional security risks were considered at the summit.
  • A few significant areas of policy are covered by the working group on counterterrorism. Among them is intelligence. Legal and law enforcement collaboration, combating terrorism and radicalization, Anti-Money Laundering and Countering Terrorist Financing, Narcotic drug trafficking, psychoactive substances, and precursor chemicals

 

BIMSTEC

 

  • Seven countries in South and Southeast Asia, with a combined population of 1.73 billion and a GDP of US$4.4 trillion, make up the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
  • Among the nations reliant on the Bay of Bengal are the BIMSTEC member states of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
  • In order to concentrate on 14 key sectors of collaboration, various BIMSTEC centres have been formed. The BIMSTEC free trade agreement, often known as the SAARC, is currently being negotiated.
  • The order of the names of the nations is used to rotate the leadership. Bangladesh’s capital of Dhaka is home to the permanent secretariat.

 

BFTAFA

 

  • To promote trade and investment between the parties and entice outsiders to trade and invest more actively with the BIMSTEC countries, all of the member countries have signed the BIMSTEC Free Trade Area Framework Agreement (BFTAFA).
  • In order to negotiate in the fields of trade in products and services, investment, economic cooperation, trade facilitations, and technical support for LDCs, the “Trade Negotiating Committee” (TNC) was established, with Thailand serving as the permanent chair.
  • Following completion of the trade in goods negotiations, the TNC would go on to the trade in services and investment negotiations.