Published: 22nd Jun, 2023
Context
The next Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) meeting at the end of this year is expected to endorse the Bangkok Vision 2030.
- A marine transport cooperation pact is also likely to be signed at the meeting.
What is Bangkok Vision 2030?
- The "BIMSTEC Bangkok Vision 2030" seeks to establish a Prosperous, Resilient, and Open (PRO) BIMSTEC by the year 2030.
- This vision outlines a defined path and key areas of focus, along with an objective to promote collaboration within BIMSTEC in order to address various challenges and capitalize on opportunities in the next ten years.
- The goals found in the vision are also in line with the United Nations’ Sustainable Development Goals and Thailand’s bio-circular-green economic model.
- Significance: This aims to further promote BIMSTEC as a region of peace, stability, and economic sustainability.
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Marine transport cooperation agreement: The meeting also approved several agreements and important documents, including the rules of procedure for the BIMSTEC mechanism, and an agreement on maritime transport cooperation. |
Recognising BIMSTEC:
- Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are among the seven member countries of BIMSTEC.
- It is a regional organization that was established on 06 June 1997 with the signing of the Bangkok Declaration.
- Its Secretariat was established in Dhaka, Bangladesh.
- Its geographical breadth encompasses the Bay of Bengal’s shoreline and neighbouring territories, resulting in a seamless regional unity.
- BIMSTEC serves as a link between South and Southeast Asia, connecting the Great Himalayas and the Bay of Bengal ecologies.
- The organisation is dedicated to developing collaboration on similar interests and providing an enabling climate for rapid economic development.
The Importance of BIMSTEC for India:
- Alignment with Core goals: BIMSTEC supports India’s goals of prioritising neighbouring countries, developing interaction with Southeast Asia, and encouraging northeastern state development.
- Countering China’s Influence: BIMSTEC provides a platform for India to counterbalance China’s growing influence in the Bay of Bengal region, resulting in a more balanced regional order.
- Alternative Engagement venue: When progress in SAARC is hampered, BIMSTEC acts as an alternative venue for India to engage with South Asian countries, boosting regional cooperation and development.
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