• UGI USER
  • Jul 11, 2024
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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.