Second BIMSTEC Foreign Ministers’ Retreat Commences in New Delhi
Why in the News?
- The 2nd BIMSTEC Foreign Ministers’ Retreat begins today in New Delhi, hosted by External Affairs Minister S. Jaishankar.
- This event aims to enhance cooperation among BIMSTEC member countries in sectors like security, connectivity, trade, and investment in the Bay of Bengal region.
Key Highlights
- Purpose: The retreat focuses on broadening and deepening cooperation across various sectors crucial for regional development.
- Previous Edition: The inaugural BIMSTEC Foreign Ministers’ Retreat took place in Bangkok last year, underscoring the ongoing commitment to regional collaboration.
About Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC):
- BIMSTEC is a regional multilateral organization focused on technical and economic cooperation.
- Its seven member countries are located around the Bay of Bengal, fostering regional unity.
- Member Composition
- South Asian members: Bangladesh, Bhutan, India, Nepal, Sri Lanka.
- Southeast Asian members: Myanmar, Thailand.
- BIMSTEC connects South and Southeast Asia, integrating diverse ecologies from the Great Himalayas to the Bay of Bengal.
- Objectives
- BIMSTEC aims to facilitate rapid economic development and social progress.
- It promotes collaboration on common regional interests, spanning various sectors.
- Genesis of BIMSTEC
- Founded in 1997 through the Bangkok Declaration as ‘BIST-EC’.
- Renamed ‘BIMST-EC’ in 1997 with the inclusion of Myanmar.
- Became ‘BIMSTEC’ in 2004 after Nepal and Bhutan joined, focusing on multi-sectoral technical and economic cooperation.