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  • Jun 21, 2021
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Prime Minister has recently quoted that BIMSTEC is a prominent regional group. In this regard, write a note on BIMSTEC group of nations……..

Prime Minister has recently quoted that BIMSTEC is a prominent regional group. In this regard, write a note on BIMSTEC group of nations. What are the significance advantages of this association with respect to India?

Introduction:

BIMSTEC- It stands for Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. It was established in 1997. It comprises of India, Bangladesh, Bhutan, Nepal, Sri Lanka, Myanmar and Thailand. The secretariat of BIMSTEC is located in Dhaka, Bangladesh. 

Body:

 

During its inception, the organization was based on sector-driven cooperation in the following sectors- Energy, trade, technology, transport, fisheries and tourism. Later it got extended to other sectors also. Recently, BIMSTEC has finalized a long-term vision and priorities for co-operation. It is a bridge between South Asia and South East Asian countries. Member nations have sustained a growth of average 6.5% in last 5 years despite global meltdown and the pandemic.

Advantages for India:

1) SAARC is being slowly replaced by BIMSTEC due to lack of ties between India & Pakistan.

2) It is a becoming a significant trade bloc in the Asia- Pacific region.

3) It can slowly contribute for development of North-Eastern India

Conclusion:

Although the member nations do have their own political problems within their countries along with the absence of an effective common goal, these trade blocs can be beneficial to the member nations. There is also a perception that India is dominating this regional group. Member nations need to have more agreements internally as well as with other nations to strengthen the group.