Everything about Bimstec totally explained
The
Bay of Bengal Initiative for MultiSectoral Technical and Economic Cooperation (
BIMSTEC) is an international organisation involving a group of countries in
South Asia and
South East Asia. The member nations of this group are:
Bangladesh,
India,
Myanmar,
Sri Lanka,
Thailand,
Bhutan and
Nepal.
History
The organisation was formed in
Bangkok,
Thailand, on
6 June,
1997. Initially, its name was BIST-EC (Bangladesh, India, Sri Lanka, Thailand Economic Cooperation). At that time,
Myanmar was an observer, but later joined the organization as a full member at a special ministerial meeting held in Bangkok on
22 December,
1997. Consequently, the name of the organisation was changed to BIMST-EC.
Nepal was granted observer status by the second Ministerial Meeting in
Dhaka,
Bangladesh in December 1998. Later, full membership has been granted to Nepal and
Bhutan in 2003. During the first summit in Bangkok on
31 July,
2004, the organisation's name was changed to its current name.
Plans and Activities
The seven nation countries have endorsed a plan for a
free trade pact by 2017 -- while the three most advanced countries of the area (India, Sri Lanka, and Thailand) are committed to trade liberalization by 2012.
(External Link
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