14 Apr BIMSTEC needs to reinvent itself (The Hindu, International relation, GS-2)
Context:-The foreign ministers of BIMSTEC met virtually on April 1.
History:-
- In 1997 through the Bangkok Declaration.
- 4 Member States with the acronym ‘BIST-EC’ (Bangladesh, India, Sri-Lanka and Thailand Economic Cooperation).
- Nepal and Bhutan included in 2004.
- Members are
- Five are from South Asia –
- Bangladesh
- Bhutan
- India
- Nepal
- Sri Lanka
- Two are from Southeast Asia –
- Myanmar
- Thailand
- Five are from South Asia –
- initial 20 years this group was dormant but due to faltering of SAARC in 2016 this group got the oxygen and revived.
- since then we have regular meeting, working on BIMSTEC Charter.
- Recent study of FIICI shows that BIMSTEC must have comprehensive free trade economic cooperation agreement.
- It should cover
- trade in goods, services and investment
- promote regulatory harmonization
- adopt policies that develop regional value chains
- eliminate non-tariff barriers.
- It should cover
- What has achieved till now
- Humanitarian Assistance and Disaster Relief and security
- counterterrorism
- cyber security
- coastal security cooperation
- Hurdles which must be over come or way forward
- cordial and tension-free bilateral relations among all its member-states.
- uncertainties over SAARC hovers
- China’s decisive intrusion in the South-Southeast Asian space
- the military coup in Myanmar, brutal crackdown of protesters
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