Envoys of BIMSTEC countries have called for the speedy conclusion of a Free Trade Agreement (FTA) within the group. The FTA was negotiated in 2004, but is yet to be finalized and concluded.
About:
BIMSTEC is an international organization involving a group of countries in South Asia and South East Asia.
Membership: Sri Lanka, India, Nepal, Bhutan, Bangladesh, Myanmar and Thailand.
Objective:
Its primary objective is to improve connectivity between the members through multi-modal transport corridors.
In general, there are ‘14 priority sectors’ which cover almost all areas of cooperation such as energy, handling of refugees, anti-narcotic measures.
Evolution:
Encouraged by India’s Look East Policy (LEP) and Thailand’s Look West Policy it was Initiated in 1997 as BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
With Myanmar joining the grouping as a full member the same year, the ‘BIST-EC’ was renamed as ‘BIMST-EC’.
With Nepal and Bhutan becoming its members in 2004, the grouping was renamed as the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
Dear Student,
You have still not entered your mailing address. Please enter the address where all the study materials will be sent to you. (If applicable).
