The first-ever meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Foreign Ministers began in Bangkok, Thailand.
Understanding BIMSTEC
- BIMSTEC, formerly known as BIST-EC (Bangladesh-India-Sri Lanka-Thailand Economic Cooperation), was founded in 1997 with the signing of the Bangkok Declaration.
- Myanmar became a member in 1997, followed by Bhutan and Nepal in 2004.
- Population and GDP: The organization’s seven member countries are located around the Bay of Bengal and account for nearly 22% of the world’s population. The member countries’ combined GDP is close to $2.7 trillion.
- Sectoral Focus: BIMSTEC’s collaboration began with six sectors in mind: trade, technology, energy, transportation, tourism, and fisheries.
- Security, counter-terrorism, transnational crime, disaster management, and energy are among India’s sectoral duties within BIMSTEC.
BIMSTEC’s Importance as a Regional Forum
(A) Revitalization and Engagement:
- BIMSTEC got little attention until India reactivated its participation in October 2016, following the Uri terrorist assault.
- Along with the BRICS conference in Goa, India sponsored an outreach summit with BIMSTEC leaders.
(B) Regional aspirations
- Each BIMSTEC member has strategic incentives for the organization’s growth.
- Bangladesh seeks regional significance
- Sri Lanka aspires to connect with Southeast Asia and become an Indo-Pacific centre.
- Nepal and Bhutan intend to gain access to the Bay of Bengal region.
- By expanding connections with India, Myanmar and Thailand hope to balance China’s influence in Southeast Asia.
BIMSTEC and India
- BIMSTEC provides a venue for India to prioritise its foreign policy objectives of “Neighbourhood First” and “Act East.”
- This lengthier route aims to link South and Southeast Asia, as well as the Himalayas and the Bay of Bengal.
The Role of China and India’s Agenda
- Chinese Concerns and Influence: The Belt and Road Initiative, which has strengthened China’s presence in South and Southeast Asia, has increased its interest in the Bay of Bengal region.
- Counterbalancing Act: BIMSTEC serves as a venue for India to offset Chinese investments.
- Promoting Connectivity: India can use BIMSTEC to promote connectivity projects that adhere to international standards, while opposing Chinese initiatives that are deemed to breach these standards.
- The Bay of Bengal as a Peaceful place: India can portray the Bay of Bengal as a place of openness and peace, contrasting it with China’s behaviour in the South China Sea.
- Regional Stability: BIMSTEC might develop standards of conduct for regional freedom of navigation and advocate for a Bay of Bengal Zone of Peace to limit the military actions of extra-regional countries.
@the end
- BIMSTEC has the potential to contribute to the Bay of Bengal region’s and beyond’s peace, stability, and economic development.
- Continued efforts and coordination among member states are required to realise BIMSTEC’s full potential and achieve common goals.
Source: https://news.abplive.com/news/world/eam-s-jaishankar-participates-in-bimstec-meeting-with-counterparts-in-bangkok-1616523