The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) will now be open to new members and observers after a historic first charter of the grouping came into force on 20 May 2024.
- With the coming into force, the charter establishes the legal and institutional framework for cooperation in the region.
- The charter also confers legal personality on the grouping, enables the admission of new members and observers, and enables the conclusion of agreements with countries or sub-regional, regional and international organisations and institutions.
- The charter was adopted in the 5th summit of the BIMSTEC leaders.
BIMSTEC
- BIMSTEC was formed in 1997 but for a long time, the organization could not form consensus among its seven member states – Bangladesh, Bhutan, Sri Lanka, Nepal, Thailand, Myanmar and India – about a common charter that could sum up the vision of the grouping.
- The leaders of the BIMSTEC nations met virtually on 30 March 2022 under the chairship of Sri Lanka and adopted the charter.
- In April 2024, Nepal’s parliament took up the BIMSTEC charter and ratified it which paved the way for the coming into force of charter.
- The seven members of BIMSTEC are home to nearly 22% of the global population and have a combined GDP of $3.6 trillion.
