“Bay of Bengal Initiative for
Multi-Sectoral Technical and Economic Cooperation”
On 6 June 1997, a new sub-regional grouping was formed in Bangkok and given the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation). Myanmar attended the inaugural June Meeting as an observer and joined the organization as a full member at a Special Ministerial Meeting held in Bangkok on 22 December 1997, upon which the name of the grouping was changed to BIMST-EC. Nepal was granted observer status by the second Ministerial Meeting in Dhaka in December 1998. Subsequently, full membership has been granted to Nepal and Bhutan in 2003. In the first Summit on 31 July 2004, leaders of the group agreed that the name of the grouping should be known as BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. BIMSTEC focuses on economic cooperation which makes BIMSTEC covers all aspects regarding the word 'developing'. BIMSTEC provides a unique link between South Asia and Southeast Asia bringing together 1.3 billion people - 21 percent of the world population, a combined GDP of US$750 billion, and a considerable amount of complementarities. A study shows the potential of US$ 43 to 59 billion trade creation under BIMSTEC.
Aims & Goals:
Every organization has some goals and every organization has some certain targets that it wants to achieve. • To create an enabling environment for rapid economic development.
• Accelerate social progress in the sub-region, promote active collaboration.
• Mutual assistance on matters of common interest, provide assistance to each other in the form of training and research facilities.
• Cooperate more effectively in joint efforts that are supportive and complementary to national development plans of member states.
• Maintain close and beneficial cooperation with existing international and regional organizations.