BIMSTEC - Bay of Bengal Initiative for Multi-Sector Technical and Economic Co-operation

On 6th June 1997, a new sub regional grouping was formed on Bangkok, Capital city of Thailand. It was given the name BIST-EC (Bangladesh, India, Sri lanka and Thailand Economic Co-operation). Myanmar joined the organization as a full member at a special ministerial meeting held in Bangkok on 22th December 1997, upon which the name of grouping was named to BIMST-EC. Nepal and Bhutan has acquired its membership in 2004 in the first summit on 31st July 2004. The grouping was named BIMSTEC - Bay of Bengal Initiative for Multi-Sector Technical and Economic Co-operation.
BIMSTEC is a unique link between ASEAN (Association of South East Asian Countries) and SAARC (South Asian Association for Regional Co-operation). It is because it has linked South Asia and East Asia. Leadership is rotated in alphabetical order of country names. The permanent secretariat is in Dhaka, Bangladesh.

Objectives of BIMSTEC

The major objectives of BIMSTEC are as follows:

1. To create or enabling environment for rapid economic development
2. To accelarate social progress
3. To promote active collaboration and mutual assistance of matters of common interest
4. Provide assistance to each other in the form of training and research facilities, co-operate more effectively in joint efforts that are supportive of the complementary to national development plans to maintain close and beneficial co-operation with existing international and regional organization.
5. To co-operate in the projects that can be deal with must productively as a sub regional basis and which make best use of available energy

Functions of BIMSTEC

1. To implement the agreements made by member countries
2. Work as a forum for the co-operation of the member countries in the specific areas
3. To provide assistance to one another between member countries
4. To increase the co-operation with international and national organization with similar goals and objectives

Role of BIMSTEC

1. Expansion of Trade
2. Increase in Investment
3. Development of Infrastructure
4. Promotion of Tourism
5. High Economic Growth

BIMSTEC Summits