Recently, the External Affairs Minister of India participated in the 17th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Ministerial Meeting.
BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is an international organisation of seven nations of South Asia and Southeast Asia, housing 1.5 billion people and having a combined gross domestic product of $3.5 trillion (2018).
The aim of BIMSTEC is to create an enabling environment for economic development; accelerate social progress and promote collaboration on matters of common interest in the region.
It is an inter-regional grouping that seeks to foster regional and economic cooperation among nations in the littoral and adjacent areas of the Bay of Bengal.
Nearly 1.5 billion people or 22% of the global population comes under the BIMSTEC. Together, it has a combined gross domestic product (GDP) of $2.7 trillion.
BIMSTEC has emerged as a key vehicle to take forward India's regional, strategic and economic interests.
It reassures South Asia that the region can work together, with India playing its due role. India's interest in BIMSTEC is also seen as part of its strategy to isolate Pakistan.
BIMSTEC not only connects South and Southeast Asia, but also the ecologies of the Great Himalayas and the Bay of Bengal.
Currently, the organization is involved in 15 sectors. This includes sectors such as trade, technology, agriculture, tourism, fisheries, energy, and climate change among others for sectoral cooperation.
The 17th BIMSTEC Ministerial Meeting was convened virtually by the Government of Sri Lanka as the Chair of BIMSTEC on 01 April 2021.
The leaders agreed to adopt the BIMSTEC Master Plan for Transport Connectivity. They aimed to adopt this in the next BIMSTEC summit hosted by Sri Lanka. It will lead to better connectivity and integration in the region.
The BIMSTEC members also aim to sign 3 more agreements in the next summit. Such as, agreement on mutual legal assistance in criminal matters, MoU on cooperation between diplomatic academies of member states and memorandum of association for establishing a technology transfer facility in Colombo.
A key aim for India's northern corridor policy is enabling people to 'discover' the region by making it more accessible. BIMSTEC can boost the development of the northeast region by providing greater interaction with Bangladesh and Myanmar. For instance, the master plan of connectivity includes the India-Myanmar-Thailand trilateral highway and Kolkata-Siliguri-Guwahati-Imphal link.
The persistent differences between India and Pakistan in the South Asian Association of Regional Cooperation (SAARC) have crippled the organisation. As BIMSTEC comprises similar members excluding Pakistan, it can improve greater cooperation in the region.
India has already come out of the RCEP (Regional Comprehensive Economic Partnership) agreement. As it may hinder India’s trade potential. Therefore, more robust cooperation with Thailand and Myanmar can help in resolving India – ASEAN differences and ensure better implementation of ‘Act East Policy’.
BIMSTEC can help in countering China’s Cheque Book diplomacy. Further, it can strengthen India’s position as a responsible regional power in the Indo-Pacific.
India has led through constant focus and follow-up to the extent that some member-states have complained about the ‘over securitization of BIMSTEC. Hence, there is a need to ensure maintaining security and forging solid arrangements for economic cooperation.