The fifth summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), an influential engine of economic growth with 21.7% of the world’s population and a combined GDP of USD 3.8 trillion, recently took place in Colombo, Sri Lanka. This article discusses the key highlights from this summit, BIMSTEC as an organisation, its comparison with SAARC, and the way forward.
Key Highlights of the BIMSTEC Summit
The main outcome of the fifth BIMSTEC Summit was the signing of the BIMSTEC Charter. Under this Charter, members are expected to meet once every two years. The Charter gives BIMSTEC an international personality, consisting of an emblem, flag, and formally listed principles.
In terms of organisational structure, member countries have agreed to divide the working into seven segments, with India leading the security pillar. The summit also saw the declaration of the Master Plan for Transport Connectivity and other agreements such as a treaty on mutual legal assistance on criminal matters and a memorandum of association on the establishment of BIMSTEC Technology Transfer Facility.
About BIMSTEC
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is a regional organisation created on 6 June 1997 via the Bangkok Declaration. It consists of seven Member States – five from South Asia (Bangladesh, Bhutan, India, Nepal, Sri Lanka) and two from Southeast Asia (Myanmar, Thailand). With its headquarters in Dhaka, it conducts regular summit meetings, ministerial meetings, senior officials’ meetings, and a business and economic forum.
Is BIMSTEC an Alternate of SAARC?
In the aftermath of the Uri attack, renewed attention was given to BIMSTEC, which had existed for nearly two decades but was largely ignored. The momentum for BIMSTEC increased when SAARC’s work on several key initiatives stalled due to a breakdown in relations with Pakistan. As a result, India shifted its focus to other regional groupings such as BIMSTEC and the Indian Ocean Rim Association (IORA).
Challenges and the Way Forward
For continued progress, it’s crucial to finalise the BIMSTEC Free Trade Agreement among member countries. This agreement will pave the way for better health and economic security in the region by promoting connectivity and prosperity.
In addition to the agreement, there’s a need for a coastal shipping ecosystem and electricity grid interconnectivity. These factors are paramount in shaping the future of BIMSTEC.
To avoid the perception that BIMSTEC is dominated by India, the country can follow the Gujral Doctrine. This doctrine lays down principles to guide India’s foreign relations with its immediate neighbours, emphasizing non-reciprocity, peaceful bilateral negotiations, and mutual respect for each other’s territorial integrity and sovereignty.
