“BIMSTEC” 17th Ministerial Meeting

“BIMSTEC” 17th Ministerial Meeting

On April 1, 2021, the External Affairs Minister of India, Dr. S. Jaishankar, participated in the 17th BIMSTEC Ministerial Meeting chaired by Sri Lanka.

What is BIMSTEC?

BIMSTEC is an inter-regional grouping that seeks to foster regional and economic cooperation among nations in the littoral and adjacent areas of the Bay of Bengal — India, Thailand, Myanmar, Nepal, Bangladesh, Sri Lanka and Bhutan.

What is the Aim of BIMSTEC?

The BIMSTEC organization aims to harness shared, accelerated growth through mutual cooperation on multiple areas of common interests. The members will achieve this by using regional resources and geographical advantage.

Significance of BIMSTEC

• The BIMSTEC region is home to roughly 22 per cent of the global population with a combined GDP of over $2.7 trillion.
• BIMSTEC has emerged as the “preferred platform” for regional cooperation in South Asia.
• Intra-regional trade amid the pandemic, technology, innovation and finalising the BIMSTEC free trade agreement is likely to be on the agenda, nearly two years after the body’s last meet in Kathmandu.

What are the Objectives of BIMSTEC?

The main objectives of BIMSTEC are-

• Creating an enabling environment for the rapid economic development of the sub-region.
• Encouraging the spirit of equality and partnership.
• Promoting active collaboration and mutual assistance in the areas of common interests of the member countries.
• Accelerating support for each other in the fields of education, science, and technology, etc.

About the 17^th Ministerial Meeting of BIMSTEC

• The 17th BIMSTEC Ministerial Meeting was held virtually in Colombo, Sri Lanka on 01 April 2021 to finalize preparations for the Fifth BIMSTEC Summit to be held in Sri Lanka in 2021.
• All Member States participated in the Meeting.
• The Meeting approved/endorsed some important BIMSTEC Agreements, Conventions, MoUs/ MoAs and other important documents/instruments to be signed/adopted at the Fifth BIMSTEC Summit, which includes the rationalization of sectors and sub-sectors of BIMSTEC, Organogram of the BIMSTEC Secretariat, BIMSTEC Master Plan for Transport Connectivity, among others.