Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organization involving countries of South Asia and Southeast Asia whose geographic and economic boundaries fall either in or around the Bay of Bengal. Here's a detailed look into its establishment, objectives, structure, and activities:
BIMSTEC was initially founded in 1997 through the Bangkok Declaration. Originally, it was known as BIST-EC (Bangladesh, India, Sri Lanka, Thailand - Economic Cooperation), but in 1998, it was renamed to BIMSTEC when Myanmar joined. Later, Nepal and Bhutan also became members in 2004, expanding the regional cooperation framework.
The primary objective of BIMSTEC is to create an enabling environment for rapid economic development through:
BIMSTEC's cooperation extends over multiple sectors including:
BIMSTEC has faced several challenges including:
However, there have been efforts to revitalize BIMSTEC, especially with the increasing focus on regional connectivity and trade. Recent developments include: