Prime Minister Narendra modi on June 6 greeted the fellow leaders and people of the member states of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) regional grouping on the occasion of the 21st anniversary of its formation.
"Greetings to fellow leaders and citizens of BIMSTEC on its 21st anniversary," he tweeted. "Our shared values will further strengthen our friendship and cooperation, and pave way for heightened development of this region which is among the youngest and fastest growing economies of the world," he said.
It constitutes seven Member States: five deriving from South Asia, including Bangladesh, Bhutan, India, Nepal, Sri Lanka, and two from Southeast Asia, including Myanmar and Thailand. Initially, the economic bloc was formed with four Member States with the acronym ‘BIST-EC’ (Bangladesh, India, Sri Lanka and Thailand Economic Cooperation).
Following the inclusion of Myanmar on 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation). With the admission of Nepal and Bhutan at the 6th Ministerial Meeting (February 2004, Thailand), the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).
The main objective of BIMSTEC is technical and economic cooperation among South Asian and Southeast Asian countries along the rim of the Bay of Bengal. With the South Asian Association for Regional Cooperation (Saarc) virtually rendered ineffective as a bloc, largely due to non-cooperation on the part of Pakistan in a number of areas, India has been giving more importance to BIMSTEC in recent times. The bloc brings together 1.5 billion people or 21 per cent of the world's population and has a combined GDP of $2.5 trillion. India is the lead country for cooperation in four priority areas: counter-terrorism and transnational crime, transport and communication, tourism and environment, and disaster management.