BIMSTEC: A Gateway to Regional Prosperity and Cooperation
What is BIMSTEC ?
BIMSTEC is an organization of 7 countries of South East Asia. The full name of this organization is (Bay of Bengal Multi-Sectoral Technical and Economic Cooperation Initiative). This organization is an organization of the area around the Bay of Bengal. This organization was established on 6 June 1997 between Bangladesh, Myanmar, Nepal, Sri Lanka, India and Thailand. Later Bhutan also became a part of this organization. Its headquarters is located in Dhaka, Bangladesh.
In which areas does BIMSTEC work
Since the formation of BIMSTEC, its purpose was to increase economic and technical cooperation, but after some time, in the changing global scenario, this organization is now working on issues like trade, energy, investment, agricultural tourism, cyber security and climate change. Meetings of this organization are held from time to time, recently a meeting was held in New Delhi on 12 January 2025 regarding cyber security.
Important agenda of BIMSTEC
The most important agenda of this organization is to increase mutual economic cooperation among all the seven countries. All the seven countries are also negotiating a free trade agreement on economic issues and soon all the countries can agree on it. Apart from this, there is a joint strategy on cyber security, terrorism, maritime security and joint connectivity plans like rail, road transport and promoting solar and hydropower projects in the field of energy, in addition to this, there is cooperation with each other to deal with environmental challenges. Now BIMSTEC is going to be submitted in Thailand between 200 and 4 April 2025. The main agenda of all these countries in this meeting is to strengthen regional cooperation and promote economic integration.
Benefits of BIMSTEC
BIMSTEC is an organization of seven countries. The combined economy of this organization is about 5 trillion dollars. A free trade agreement has also been proposed between all these countries. If this agreement is implemented, the economy of these countries will see a huge boom. India will benefit the most from this and the economy of all countries will grow. This organization is an organization of South East Asian countries. If this organization cooperates with each other on security, then the South East can play an important role in the global scenario. Security cooperation of all seven countries will increase the security of all countries and pave the way for the security of sea routes. Incidents of terrorism will decrease. Apart from this, in all the countries, like Europe, issues like tourism, energy, agriculture, climate change will be together and they will play an important role in the world.
Disadvantages of BIMSTEC:
In this changing globalization, BIMSTEC is working towards becoming an effective organization but there are many challenges and weaknesses in its path. BIMSTEC has been working for many years. Still, all the seven countries are not of the same opinion on some projects. Due to lack of consensus, the projects are hanging in the balance. Due to lack of trust between all the countries, there is a constant delay on issues like trade and security. Even after so many years, this organization has not been able to find any solution on issues like security and trade. A free trade agreement is proposed between BIMSTEC but it has not been implemented yet. It has been proposed for a long time, the main reason for this is the dependence of some countries on China. Apart from this, there is a military coup in Myanmar and the absence of strong governments in Sri Lanka and Bangladesh. In what way will the organization be able to solve its challenges in the coming time?
India and other BIMSTEC countries
India is the most powerful military and economic country in the system. India is the main member of the establishment of this organization. This organization is also a part of India's Never Hood First Policy. For some time, relations between India and Pakistan have not been good, so India is engaged in promoting BIMSTEC instead of focusing on SAARC. India has got an alternative to SAARC in the form of BIMSTEC. India considers BIMSTEC an effective platform to increase its presence in the Indo Pacific region. India gets many benefits from BIMSTEC. If this organization works properly, then India will have good relations with all countries. India will get efficient contacts to do business in South East Asia and BIMSTEC will be a diplomatic platform for India to stop the growing influence of China.
Conclusion
BIMSTEC is an organization of the countries of South East Asia. The main member of this organization is India, the most powerful country with a strong economic system. The total economy of these seven countries is about 5 trillion dollars. All these countries are located around the Bay of Bengal. The purpose of this organization is to cooperate with all the BIMSTEC countries on many issues like economic, cyber security, technology, energy, transport, agriculture. If this organization works properly, whatever challenges and weaknesses are there in this organization, if they are resolved properly, then it will be an effective organization in South East Asia.
Comments