BIMSTEC SUMMIT NEPAL (2018): 15 things you need to know

BIMSTEC

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Image courtesy @ Wikipedia

Hello friends, in this post I am gonna discuss about BIMSTEC. You must be little puzzled just like me when I came across this term.

So, once again repeating the same line in my post “you must have heard about BIMSTEC” in news flashes within a past couple of days, I am gonna elaborate you each and every details on this topic at my level best.

What is all about BIMSTEC? How does the organization work? Who are the member countries? And what are the recent news flashes? Etc.

I will explain all 15 things step by step :

BIMSTEC stands for?

(1)  BIMSTEC stands for Bay of “Bengal Initiative for Multi-sectoral Technical and Economic Cooperation”.

Explain BIMSTEC?

(2) It is an international association of South Asia (India, Bangladesh, Bhutan, Nepal, Srilanka) and Southeast Asia (Myanmar and Thailand). These countries are among the littoral countries of the Bay of Bengal.

(3) Covering the population of 1.5 billion people which is like 22% of the total global population and combined GDP of $2.7 trillion economies. The organisation is also working as a strong bridge between South Asia and Southeast Asia.

(4) Earlier it was BIST-EC established on 6th June 1997 comprising only four members countries i.e. (B)angladesh, (I)ndia, (S)rilanka (T)hailand – Economic Cooperation.
BIMSTEC came into existence on 22nd December 1997 when Myanmar became its member during the Bangkok declaration.

(5) Nepal and Bhutan got included at the 6th ministerial meeting in Thailand in 2004 and the abbreviation changed from (B)angladesh, (I)ndia, (M)yanmar, (S)rilanka, (T)hailand Economic Cooperation to the (B)ay of Bengal (I)initiative for (M)ulti-(s)ectoral (T)echnical and (E)conomic (C)ooperation (BIMSTEC).

https://timesofindia.indiatimes.com/india/ten-things-to-know-about-bimstec-summit-in-nepal/articleshow/65602097.cms
https://www.indiatoday.in/education-today/gk-current-affairs/story/what-is-bimstec-summit-1327276-2018-08-30
https://currentaffairs.gktoday.in/tags/bimstec-summit

 THE MAIN OBJECTIVES OF BIMSTEC: 

(6) During 1997 the alliance had only six major sectors to be developed i.e. Trade, Technology, Transport, Tourism, Energy, and Fisheries but later in 2008, it expanded to embrace eight more sectors i.e. agriculture, public health, poverty mitigation, counter-terrorism, environment, culture, people to people contact and climate change.

(7) BIMSTEC uses the alphabetical order for the Chairmanship. The Chairmanship of BIMSTEC has the rotation set-up starting with Bangladesh (1997–1999) and so on.

(8) In the present day (2018) Sri Lanka is maintaining the chairmanship of BIMSTEC.

ALSO READ: SHANGHAI COOPERATION ORGANIZATION(SCO).
                           NATIONAL REGISTER OF CITIZENS(NRC).

 BIMSTEC SUMMIT 2018 

(9) The 4th BIMSTEC summit was arranged in Kathmandu between 30th Aug 2018 to 31st Aug 2018. All the member countries participated in the summit with the motive to hold a discussion on security trade and the development of the region.

(10) The theme of the summit was postured towards global warming, to accomplish viable development goals and escalating connectivity to ease the movement among BIMSTEC members.

However, BIMSTEC has 14 priority sectors but in this summit, they included two more sectors. i.e. Blue economy and Mountain economy. Now, the focus is on 16 sectors under BIMSTEC.

(11) BIMSTEC free trade agreement (FTA) is under negotiation with customs collaboration contract and a motor vehicles agreement.

Now you must be thinking what is the concept of Blue and Mountain economies?

Let me make it clear to you:

(12) BLUE ECONOMY: Now it is clear for all of us that sea is common among all BIMSTEC members as the alliance countries are littoral.
So, no guess that, Blue is related to sea and economy is related to trade. Overall in easier words, it could be defined as “Trading via Sea”.

Oceans and Sea are one of the most important communication media for trade and business since our ancient times.

Undoubtedly, in the modern era also, its expansion is being done at an international level by linking the sellers and buyers widely, and this how BIMSTEC countries will grow their trade through the Blue Economy.

(13) MOUNTAIN ECONOMY: Now the second term Mountain Economy, just as the above description of the Blue economy, what picture comes to our mind at first related to Mountain Economy?

Trading via mountains or growth in tourism sector?

(14) About a quarter part of the land area of all BIMSTEC countries are mountainous and hilly due to which there are glitches of poor connectivity, accessibility and also limited facilities for cross-border movements.

(15) So, the BIMSTEC members are trying to develop a better connectivity among all the members’ countries and also with the regional and global market as the alliance has seen a rapid growth in economic and social development in the past few decades.

Hope you had a good reading of the subject. If you feel like suggesting more to include on this topic, please do share your view in the comments section.

Featured Image courtesy@currentaffairs Adda247

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