QUESTION: The importance of BIMSTEC has increased in recent times. Comment (8 marks, 120 words)
Answer.
BIMSTEC is a regional multilateral organization comprising 7 Member States lying in the littoral and adjacent areas of the Bay of Bengal. This sub-regional organization came into being in 1997 through the Bangkok Declaration. The seven Member States are Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar and Thailand.
According to Observer Research Foundation, It is advantageous for every member country to be associated with BIMSTEC. For e.g. in case of Bangladesh BIMSTEC might provide a platform that would strengthen its much needed economic development, while for Sri Lanka it would be helpful in becoming a hub for shipment in the Indo-Pacific region. For Nepal and Bhutan, the grouping serves as a pass to the Sea. For Myanmar and Thailand, it could be seen as a way to reduce over-dependence on China and as an opening to a huge consumer market for its commodities.
For India it has multifold advantages, First, it aligns with Act East policy for greater regional cooperation in southeast Asia and Second, it aligns with India’s larger goal to gain trade and security prominence in the Indian Ocean region and to cater to the concept of the Indo-Pacific region. Third, to counter China, which is making inroads in the Indian Ocean Region over the years and it can become a prominent leader in the Bay and can Maintain Peace and Security.
The idea of BIMSTEC also gained importance after the 2016 Uri attack when India was able to get SAARC nations on its side to boycott the organisations’ summit, which was to be held in Pakistan. So, BIMSTEC emerged as an alternative platform for cooperation.
Challenges:
India has made efforts to enhance the pace of BIMSTEC’s progress in recent years. The BIMSTEC Energy Centre was set up in Bengaluru, along with the BIMSTEC Business council, a forum for business organisations to promote regional trade.
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