BIMSTEC MATTERS

 The Bay of Bengal Initiative for Multi Sectoral Technical and Economic Co operation is a regional multilateral organization  comprising of 7 members- Bangladesh, Bhutan, India, Nepal,Sri Lanka (from South Asia),Myanmar and Thailand (from South East Asia. Initially it was formed with 4 member countries-Bangladesh, India, Sri Lanka and  Thailand, It became BIMSTEC in 1997 following inclusion of Myanmar, later Nepal and Bhutan was included in 2004.The basic objectives of the Organisation are creating an enabling environment for the rapid economic development of sub region, encouraging spirit of equality and partnership,promoting active collaboration and mutual assistance in the areas of common interest.Accelerating support for each other in the fields science and  technology etc.The principles of BIMSTEC are sovereign equality, territorial integrity, political independence, non interference in internal affairs and peaceful co existence. BIMSTEC contribute not only an addition to bilateral, regional or multilateral cooperation but also acts as a potential bridge between South and South East Asia and platform for intra regional cooperation between SAARC and ASEAN members. With an estimated 1.5 billion people accounting for around 22% of global population combined GDP of around 2.88 trillion economy and an average 6.5 % economic growth trajectory in the last 5 years BIMSTEC has to play a vibrant role in regional cooperation. 

The region has been facing challenges of poverty unemployment,inequality , Covid19 pandemic, climate change,non traditional security threats and more significantly a regional integration dilemma. BIMSTEC is yet to enhance institutional capacity by  setting up a BIMSTEC Development Fund (BDF) .Negotiations are undertaken to setup BIMSTEC Coastal Shipping Agreement (CSA),Motor Vehicle Agreement and Grid interconnection master plan . BIMSTEC requires extensive and sustainable multi model transport links and must promote synergy with other connectivity frameworks such as ASEAN master connectivity plan 2025. Important connectivity projects envisaged include Kaladum multimodel project connecting India and Myanmar, Asian  trilateral High way connecting India and Thailand  through Myanmar, Bangladesh and Bhutan. Motor Vehicles Agreement is for the smooth flow of passenger and cargo traffic across the countries in the region.BIMSTEC integration process can speed up trade facilitation by moving to a regional single window in customs and encouraging paper less best practices in trade. 

On March 30th 2022 the fifth BIMSTEC summit were held virtually  in Colombo which adopted the BIMSTEC Charter to re-energize the twenty five year old grouping amid growing global uncertainties and distress.The signing of the charter was the major land mark of the summit. Apart from creating an institutional architecture under the Charter members were expected to meet once in every two years, given  a new orientation and concrete  goals. India has decided to lead the " Security and energy Pillar " out of the 7 revised pillars of the Organisation.The 6 remaining Pillars assigned were Bangladesh - trade investment and development , Bhutan -environment and climate change ,Myanmar-Agriculture and food security 'Nepal-people to people contact,Sri Lanka-Science, technology and innovation and Thailand-connectivity .The summit saw the declaration of  the Master  Plan for  transport connectivity that would provide a  framework for regional and domestic connectivity. The necessity for  Coastal Shipping eco system and Electricity Grid is as important as transport connectivity. Unlike SAARC which is stumbling due to India Pakistan hostilities BIMSTEC is relatively free of sharp bilateral disagreements. However  the issue of Rohingya refugees in Bangladesh from Myanmar and emerging economic crisis in Sri  Lanka needs to be addressed. 

  India's Prime Minister advocated need to adopt a  Free Trade Agreement (FTA) by BIMSTEC countries to boost trade in the grouping.Free Trade primarily refers to free movement of goods across countries without any tarriff or non tarriff barriers.An FTA spanning  the maritime resource rich members such as Myanmar and Sri Lanka could bring dramatic gains for all members. However despite the need for expansion of connectivity is vital for free trade when it comes to finalizing legal instruments for Coastal Shipping, road transport and intra regional energy grid connection much work remains unfinished. Good success is achieved in security matters and management of Humanitarian Assistance and Disaster Relief (HADR). BIMSTEC should also focus more in new areas like the blue economy, digital economy, and promotion of startups and Micro Small and Medium Enterprises (MSMES).There is a greater appreciation of BIMSTEC potential due to Geographical contiguity rich natural and human resources and strong historical linkages and a cultural heritage for promoting deeper cooperation in the region. With changed narrative and approach the Bay of Bengal has the potential to become the epicenter of the Indo pacific-the place where the strategic interests of the major powers of East and South Asia intersect.Obviously political support and strong commitment from all member countries are crucial in making BIMSTEC a dynamic and effective regional organization.It can also act as a bridge between two major high growth centers namely South Asia and South East Asia. By any account BIMSTEC matters both to India and the region.