Rajnish Optimist 146 Questions 256 Answers 237 Best Answers 1k Points View Profile Rajnish Asked: August 19, 20202020-08-19T11:27:36+05:30 2020-08-19T11:27:36+05:30In: UPSC PRELIMS BIMSTEC Describe BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation). bimstecinternational relationspolity Share Facebook 1 Answer Recent Sweety Stay Original. 142 Questions 116 Answers 102 Best Answers 782 Points View Profile Best Answer Sweety Stay Original. 2020-08-20T15:21:30+05:30Added an answer on August 20, 2020 at 3:21 pm About BIMSTEC: The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a multilateral organization with the association of south and southeast Asian countries. It was founded on 6th June 1997 by the Bangkok Declaration. The headquarters/ secretariat of BIMSTEC is situated in Dhaka, Bangladesh. The BIMSTEC states are those on the coast, or adjacent to and reliant on the Bay of Bengal. It connects South and South Asian countries. Besides this, it also links Great Himalayas and Bay of Bengal. There are seven Countries in BIMSTEC. They are: Five South Asian countries: Bangladesh Bhutan India Nepal Sri Lanka Two Southeast Asian countries: Myanmar Thailand The main objectives of the BIMSTEC Organization are establishing an enabling environment for rapid economic development, accelerating social progress, and fostering cooperation in the area on matters of mutual interest. History of BIMSTEC: After Bangkok declaration, this multilateral organization BIMSTEC came into force on 6th June 1997. There were only four member states at the beginning and was named as BIST-EC. The BIST-EC stands for Bangladesh, India, Sri-Lanka, and Thailand Economic Cooperation. During a special Ministerial Meeting in Bangkok, on 22 December 1997 Myanmar was included in it. The group was then renamed BIMST-EC (Bangladesh, India, Myanmar, Sri Lanka, and Thailand Economic Cooperation). The name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC), with the entry of Nepal and Bhutan in February 2004. BIMSTEC Objectives: For accelerating economic development and social change in the sub-region by collaborative efforts in an equity and cooperation spirit. Promoting active collaboration and mutual assistance in the economic, social, technical and scientific fields on matters of common interest. To build an enabling environment for rapid economic growth by identifying and implementing unique cooperation projects in the trade, technology, growth of human capital, tourism, agriculture, electricity, and infrastructure and transport sectors. To collaborate more effectively in joint initiatives that endorse and complement Member States’ national development plans resulting in concrete benefits for people in increasing their living standards, including job creation and improvement of transport and communication infrastructure. Providing mutual assistance in the form of educational, medical, and technical training and research facilities. To cooperate in projects that can be dealt with most productively on a sub-regional basis and make the best use of the synergies available among BIMSTEC member states. Keeping close and beneficial cooperation with existing international and regional organizations with similar purposes and objectives. Principles of BIMSTEC: Peaceful Coexistence Sovereign Equality Political Independence Sectoral cooperation Territorial Integrity No-interference in Internal Affairs Mutual Benefit Constitute an alternative to bilateral, regional, or multilateral cooperation involving the Member States and not be a replacement. Areas of Cooperation: Fourteen priority cooperation sectors have been established, and several BIMSTEC centers have been set up to focus on those sectors. They are Trade and Investment Technology Energy Agriculture Fisheries Transportation and Communication Tourism Counter-Terrorism and Transnational Crime Climate Change Cultural Cooperation Environment and Disaster Management Public Health People-to-People Contact Poverty elimination Important Connectivity Projects under BIMSTEC: Kaladan Multimodal Project, which links India and Myanmar. Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement: for seamless flow of passenger and cargo traffic. Asian Trilateral Highway, which connects India and Thailand via Myanmar. BIMSTEC’s Potential: It’s a bridge between South and Southeast Asia, which represents a strengthening of relationships between these countries. Acts as SAARC and ASEAN members forum for intra-regional cooperation. With an economy of 2.7 trillion of combined gross domestic product ( GDP), over the past five years, BIMSTEC Member States have maintained an average economic growth rate of 6.5 percent. BIMSTEC is home to about 1.5 billion people who make up around 22 percent of the world’s population. Every year a fourth of the world’s traded goods traverse the port. In 2005, the Asian Development Bank ( ADB) becomes a partner, to undertake the “BIMSTEC Transport Infrastructure and Logistic Study” (BTILS), which was completed in 2014. Chairmanship of BIMSTEC: The BIMSTEC follows alphabetical order for the chairmanship. The BIMSTEC Chairmanship was assumed in rotation starting with Bangladesh (1997–1999). Read the significance of BIMSTEC over SAARC. 2 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer. Related Questions What is Pathalgadi? What is Bodo Accord?