Prime Minister Shri Narendra Modi participated in the 5th BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit hosted in virtual mode by Sri Lanka, the current chair of BIMSTEC.

The Summit’s theme “Towards a Resilient Region, Prosperous Economies, Healthy People” captures the main current priorities of member states, and the efforts by BIMSTEC to develop cooperation activities that support member state’s programmes to deal with the economic and development consequences of the Covid-19 pandemic.

The main outcome of the Summit was 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 upon, the Bay of Bengal.

The Summit also saw considerable progress being achieved in the BIMSTEC connectivity agenda with the adoption of the ‘Master Plan for Transport Connectivity’ by Leaders which lays out a guidance framework for connectivity related activities in the region in the future.

The summit also witnessed the signing of three BIMSTEC agreements which represent progress being achieved in ongoing cooperation activities: (i) BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters; (ii) BIMSTEC Memorandum of Understanding on Mutual Cooperation in the field of Diplomatic Training and (iii) Memorandum of Association on Establishment of BIMSTEC Technology Transfer Facility.

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The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven Member States lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity. This sub-regional organization came into being on 6 June 1997 through the Bangkok Declaration. It constitutes seven Member States: five deriving from South Asia, including Bangladesh, Bhutan, India, Nepal, Sri Lanka, and two from Southeast Asia, including Myanmar and Thailand. Initially, the economic bloc was formed with four Member States with the acronym ‘BIST-EC’ (Bangladesh, India, Sri Lanka and Thailand Economic Cooperation). Following the inclusion of Myanmar on 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation). With the admission of Nepal and Bhutan at the 6th Ministerial Meeting (February 2004, Thailand), the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).

The regional group constitutes a bridge between South and South East Asia and represents a reinforcement of relations among these countries. BIMSTEC has also established a platform for intra-regional cooperation between SAARC and ASEAN members. The BIMSTEC region is home to around 1.5 billion people which constitute around 22% of the global population with a combined gross domestic product (GDP) of 2.7 trillion economy.

The BIMSTEC Secretariat was established in Dhaka, Bangladesh.