BIMSTEC Charter Comes After 25 Years – Free PDF Download

BIMSTEC

• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was established in 1997 through Bangkok Declaration
• The main objective of BIMSTEC is technical and economic cooperation among members.
• Secretariat: Dhaka.

BIMSTEC

The News

Der aaye Durust aaye

• Recently, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) grouping’s fifth summit took place in Colombo, Sri Lanka.
• BIMSTEC was formed in 1997 but since then only four summits had been held. There was no charter of BIMSTEC despite the grouping gaining traction since India’s South Asia minus Pakistan approach.
• Finally in the fifth summit, the regional grouping has adopted a charter. With the Charter, the BIMSTEC now has an international personality with its own emblem & flag.

BIMSTEC Charter

BIMSTEC Charter

• The 27-page charter adopted at the fifth BIMSTEC Summit articulates the purpose, principles and legal standing of the organisation.
• Charter also delineates the process to admit new members which will require the consensus of all the members. A similar procedure will be adopted for increasing the number of observer countries of the organisation.
• One important provision in the charter is to keep regular meetings on track and provide enough scope to the BIMSTEC Permanent Working Committee to keep the process energised. The members were expected to meet once every two years & ministerial meet will be held annually.

BIMSTEC 5^th Summit

• The leaders of the member-countries have now agreed to divide the working of BIMSTEC into seven segments for each country.

BIMSTEC 5^th Summit

Bright Future

• Prime Minister Narendra Modi has rightly described BIMSTEC as an important instrument of connectivity, sustainability and prosperity.
• India has promised $1 million to set up a Secretariat in Dhaka. Delhi will also provide a $3 million grant to the BIMSTEC Centre for Weather and Climate, promote collaboration between industries and start-ups, and launch programmes that will help in the adoption of international standards and norms.
• The charter will increase frequency of BIMSTEC meetings and eventually help in modalities of programme delivery and the nature of engagement in south asia.

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