Why has BIMSTEC emerged as the preferred grouping of countries in South Asia?.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international grouping of countries sharing the region of Bay of Bengal. Members are India, Bangladesh, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.
BIMSTEC - a magnet for growth
- Trade growth
The grouping can be expanded to aim for trade reform in line with European Union. This will ensure prosperity for all countries.
- Regional security
All the member countries can work together to secure Bay of Bengal region and in turn ensure safety of their own maritime trade boundaries.
- Science and technology
The group can undertake joint scientific projects such as in space research, Deep Ocean studies and also handle disasters such as cyclones.
- Multimodal connectivity
Countries in the region can be connected through roads, rail and ports so that transport of goods and services can be faster and economical.
For India
- Strengthen role as net security provider
India’s role as net security provider for the region will be secured. It can ally with like-minded countries to expand its influence.
- Expand trade
The BIMSTEC grouping can be used for expanding India’s trade with members, especially Myanmar and Thailand. It will benefit domestic producers.
- Counter Chinese influence
China is actively pursuing countries in Bay of Bengal region through its debt trap. BIMSTEC can be a solution to expand India’s influence in the region.
Thus, BIMSTEC indeed has the potential to be driver of growth and development in future. It can replace the existing SAARC, which is dormant due to Pakistan’s presence.
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