PM Modi Participates in the 5th BIMSTEC Summit

02 Apr,22 10:22 am
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5th BIMSTEC Summit: Prime Minister Shri Narendra Modi on 30 March 2022 participated in the 5th BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit.

Highlights:

  • The 5th BIMSTEC Summit was hosted in virtual mode by Sri Lanka, the current chair of BIMSTEC.
  • Prior to this, preparatory meetings at the Foreign Minister and Senior Official levels were held on the 28th and 29th of March.
  • The summit concluded in Colombo.

Theme of the Summit:

The theme of the summit was “Towards a Resilient Region, Prosperous Economies, Healthy People.”

This theme captures the main current priorities of member states, and the efforts by BIMSTEC to develop cooperation activities that support member states’ programmes to deal with the economic and development consequences of the Covid-19 pandemic.

Key Points of the Summit:

  • The adoption and signing of the BIMSTEC Charter, which formalizes the grouping into an organization made up of member states that are littoral to and dependent on the Bay of Bengal, was the main outcome of the Summit.
  • Under this Charter, the members were expected to meet once in every two years.
  • With the Charter, the BIMSTEC now has an international personality.
  • It has an emblem, it has a flag.
  • It has a formally listed purpose and principles that it is going to adhere to.
  • It represents a significant evolution of the grouping.
  • The BIMSTEC leaders also witnessed the signing of three different BIMSTEC agreements, which demonstrate the group's success in ongoing collaboration efforts. The agreements that were signed are:

1. A BIMSTEC MoU on mutual cooperation for diplomatic training

2. A BIMSTEC convention on mutual legal assistance related to criminal matters

3. A MoA on the establishment of the BIMSTEC technology transfer facility.

  • The summit saw the declaration of the Master Plan for Transport Connectivity that would provide a framework for regional and domestic connectivity.
  • India will also provide USD 1 million to the BIMSTEC secretariat to assist it to expand its operational budget.
  • The BIMSTEC scholarship programme, which is sponsored by Nalanda International University, has also been expanded.
  • The BIMSTEC connection agenda made progress as well, with the adoption of the 'Master Plan for Transport Connectivity.'
  • This plan sets out a framework for all connectivity-related initiatives that will be implemented in the near future in this region.
  • PM Modi called for a Free Trade Agreement among the member countries.
  • He mentioned the necessity for a coastal shipping ecosystem and electricity grid interconnectivity, as two of the necessary components of the evolving shape of the BIMSTEC.

About BIMSTEC:

  • BIMSTEC is an acronym for “Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation”.
  • It is a regional multilateral organization established on June 6, 1997, in Bangkok under the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation). 
  • Myanmar was included to it in 1997 following which the group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation).
  • After Nepal & Bhutan become full members in 2004, BIMSTEC was renamed to its current form.

Members of BIMSTEC:

  • Seven members of BIMSTEC are littoral and adjacent areas of Bay of Bengal constituting a regional unity.
  • 5 are South Asian countries namely Bangladesh, Bhutan, India, Nepal & Sri Lanka while 2 countries- Myanmar & Thailand- are from Southeast Asia.

Aim of BIMSTEC:

  • BIMSTEC connects South and Southeast Asia besides the ecologies of the Great Himalayas and the Bay of Bengal.
  • It was established with the aim of creating an enabling environment for rapid economic development and accelerating social progress.

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