AIR- Significance of BIMSTEC for Regional cooperation | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Introduction

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization established in 1997, consisting of seven member states: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. Its primary objective is to enhance cooperation across various sectors, including trade, technology, energy, transport, tourism, and fisheries. For India, BIMSTEC is of significant strategic and economic importance, serving as a vital platform to engage with both South and Southeast Asia.

Strategic Importance

• BIMSTEC functions as a bridge connecting South Asia and Southeast Asia, complementing India’s “Act East” policy.
• It serves as a counterbalance to China’s influence in the Bay of Bengal region.
• BIMSTEC enhances India’s strategic depth and regional influence.

Economic Cooperation

• BIMSTEC promotes economic collaboration among member states.
• It provides India with opportunities to increase trade and investment within the region.
• Focus areas include trade, technology, energy, transport, and tourism.
• There is potential for establishing a Free Trade Agreement within BIMSTEC.

Connectivity

• Enhancing regional connectivity is a central goal for BIMSTEC.
• Projects like the Kaladan Multi-Modal Transit Transport Project aim to improve connectivity.
• Improved connectivity is expected to boost trade, tourism, and people-to-people exchanges, essential for regional integration and economic growth.

Energy Cooperation

• BIMSTEC offers a platform for regional energy cooperation.
• The Bay of Bengal region is abundant in natural resources.
• Initiatives such as the BIMSTEC Energy Centre and a regional energy grid contribute to energy security and sustainability, ensuring diversified energy sources and enhanced energy security for India.

Disaster Management and Climate Change

• The Bay of Bengal region is highly vulnerable to natural disasters and climate change impacts.
• BIMSTEC provides a framework for regional cooperation in disaster management and climate change mitigation.
• India, with its experience and capabilities, can lead efforts to enhance regional preparedness and resilience.

Security Cooperation

• Security cooperation within BIMSTEC focuses on counter-terrorism, transnational crime, and maritime security.
• Shared security challenges, such as terrorism and piracy, necessitate cooperation among member states.
• India plays a crucial role in fostering security cooperation through joint exercises, intelligence sharing, and capacity-building initiatives.

Way Forward

Strengthening Institutional Framework

• Enhance BIMSTEC’s institutional capacity by establishing a permanent secretariat and conducting regular high-level meetings.
• Improve coordination and implementation of initiatives.

Expanding Areas of Cooperation

• Explore new areas of cooperation, such as the digital economy, innovation, and health.
• Diversify cooperation beyond existing priority sectors.

Ensuring Inclusivity

• Ensure all member states benefit from BIMSTEC initiatives, regardless of their size and economic strength.
• Maintain the organization’s relevance and effectiveness by addressing diverse needs.

Enhancing People-to-People Connectivity

• Promote cultural exchanges, academic collaborations, and tourism to build stronger ties and mutual understanding among BIMSTEC countries.

Conclusion

BIMSTEC holds significant potential for fostering regional cooperation and integration in South and Southeast Asia. It provides a strategic platform for India to enhance engagement with neighboring countries, promote economic growth, improve connectivity, and address common challenges such as energy security and disaster management. By strengthening its institutional framework and expanding areas of cooperation, BIMSTEC can become a key driver of regional development and stability. As India continues to pursue its “Act East” policy, BIMSTEC will play an increasingly important role in shaping the region’s future.