| Genesis and Evolution
Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) evolved from its original formation 'Bangladesh, India, Sri Lanka, Thailand Economic Cooperation' (BIST-EC) established on 6 June 1997, issued at the meeting of the Foreign Ministers of the four countries in Bangkok.
Myanmar attended the Meeting as an observer and joined the sub-regional grouping as a full member at a Special Ministerial Meeting held in Bangkok on 22 December 1997. The name of the grouping was consequently changed to 'Bangladesh, India, Myanmar, Sri Lanka, Thailand Economic Cooperation' (BIMST-EC).
Nepal was granted observer status by the second Ministerial Meeting in Dhaka in December 1998. At the 6th Ministerial meeting in Phuket February 2004, Bhutan and Nepal were welcomed as new members. The First BIMST-EC Summit was held in Bangkok on 31 July 2004. In view of the admission of Nepal and Bhutan, the name of the grouping was changed to 'Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation' (BIMSTEC).
BIMSTEC provides a unique link between South Asia and Southeast Asia bringing together 1.3 billion people - 21 percent of the world population, a combined GDP of US$750 billion, and a considerable amount of complementarity given geographical contiguity, differing levels of development and resource endowments. A study (2004) shows the potential of US$ 43 to 59 billion trade creation under BIMSTEC FTA.
BIMSTEC is based on mutual interests and common concerns among member countries and complementarities of their economies. As stated in the declaration establishing BIST-EC, its basic objectives are:
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To create an enabling environment for rapid economic development through identification and implementation of specific cooperation projects in the sectors of trade, investment and industry, technology, human resource development, tourism, agriculture, energy, and infrastructure and transportation;
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To accelerate the economic growth and social progress in the sub-region through joint endeavours in a spirit of equality and partnership;
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To promote active collaboration and mutual assistance on matters of common interest in the economic, social, technical and scientific fields;
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To provide assistance to each other in the form of training and research facilities in the educational, professional and technical spheres;
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To cooperate more effectively in joint efforts that are supportive of and complementary to national development plans of Member States which result in tangible benefits to the people in raising their living standards, including through generating employment and improving transportation and communication infrastructure;
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To maintain close and beneficial cooperation with existing international and regional organizations with similar aims and purposes; and
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To cooperate in projects that can be dealt with most productively on a sub-regional basis among the BIST-EC countries and that make best use of available synergies.
source--the bimstec
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Bimstec
Linear Mode
