Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation
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Bay of Bengal Initiative for
Multi-Sectoral Technical and Economic Cooperation |
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 Flag
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| Secretariat | Dhaka, Bangladesh |
| Membership (In Alphabetical Order ) | |
| Leaders | |
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• Chairmanship
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 Nepal (since 2014) |
| Establishment | 6 June 1997 |
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Website
bimstec |
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The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of 7 nations of South Asia and South East Asia, housing 1.5 billion people with 2.5 trillion combined economy (2014), including Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal. The BIMSTEC states are among the countries dependent on the Bay of Bengal. 14 priority sectors of cooperation has been identified and several BIMSTEC centres have been established in these areas. Free Trade Agreement is under negotiation (c. 2018).
Chairmanship is rotated in alphabetical order and the permanent secretariat is at Dhaka.
On June 6, 1997, a new sub-regional grouping was formed in Bangkok under the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation). On 22 December 1997, Myanmar became a full member, resulting in the renaming of the grouping to BIMST-EC. In 1998, Nepal became an observer. In February 2004, Nepal and Bhutan became full members.
On July 31, 2004, in the first Summit the grouping was renamed as BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.
The main objective of BIMSTEC is technological and economic cooperation among south Asian and southeast Asian countries along the coast of the bay of Bengal. Commerce, investment, technology, tourism, human resource development, agriculture, fisheries, transport and communication, textiles, leather etc. have been included in it.
BIMSTEC Permanent Secretariat is at Dhaka was opened in 2014 and India provides 33% of its expenditure.
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