The 5th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit was virtually held in Colombo and hosted by Sri Lanka.
- This is the 25th year of the establishment of BIMSTEC.
- On March 30, Prime Minister Narendra Modi called for strengthening the BIMSTEC, and welcomed the unveiling of the Charter of the organisation that connects the littoral countries of the Bay of Bengal.
- In his address, Modi said that today is the time to “make Bay of Bengal a bridge of connectivity, a bridge of prosperity and a bridge of security” and noted that it is impossible to ensure prosperity or development of the region without security.
- The prime minister also announced a USD one million ad-hoc grant for the operational budget of the BIMSTEC secretariat and another USD 3 million assistance to revive the grouping’s centre for weather and climate.
Charter of BIMSTEC
- BIMSTEC countries adopted the Charter of BIMSTEC. This is an important step towards creating an institutional architecture of BIMSTEC.
- The Charter had given the BIMSTEC a new orientation and concrete goals. Under this Charter, the members were expected to meet once in every two years.
- The signing of the charter in Colombo has led to BIMSTEC being recognized as an international organisation with an emblem, flag, formally listed principles to be adhered to and an architecture.
Mutual Legal Assistance Treaty (MLAT)
- The summit finalised a Mutual Legal Assistance Treaty (MLAT) and decided to set up a centre for technology transfer in Colombo and facilitate cooperation among diplomatic academies.
Seven pillars
- It was decided that the BIMSTEC cooperation activities would take place in seven pillars. Each pillar will be led by one of the member states who will be primarily responsible for furthering cooperation.
- Seven pillars are; Trade, Investment & Development, Environment and Climate Change, Security, Agriculture and Food Security, People-to-People Contact, Science, technology & Innovation and Connectivity. India will head the security pillar.
About BIMSTEC
- The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organisation.
- Established in 1997, it comprises seven member states- India Bangladesh, Bhutan, Nepal, Sri Lanka, Myanmar and Thailand lying in the littoral and adjacent areas of the Bay of Bengal.
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