The bimstec full form is the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.
B = Bay of Bengal
I = Initiative for
M = Multi
S = Sectoral
T = Technical and
E = Economic
C = Cooperation
- Regional multilateral organisation, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is BIMSTEC.
- Its members are located in the Bay of Bengal’s littoral and nearby areas, constituting a contiguous regional unity. Of the seven members, Five of them are from South Asia.
- Sri Lanka
- Two of them are from Southeast Asia.
- BIMSTEC connects South and Southeast Asia as well as the ecologies of South Asia and the Bay of Bengal.
- Its main goals are to promote cooperation on matters of mutual interest within the region, create an environment that encourages rapid economic development and accelerate social progress.
- The 1997 creation of the sub-regional organisation was the catalyst for this Bangkok Declaration.
- It was initially formed by four Member States bearing the acronym‘BISTEC‘(Bangladesh Economic Cooperation, India, Sri-Lanka, Sri-Lanka, and Thailand Economic Cooperation).
- It was renamed‘BIMSTEC‘In 1997, after the inclusion of Myanmar.
- The grouping’s name was changed to the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation in 2004 after the addition of Bhutan and Nepal.