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• BIMSTEC is a regional organisation comprising 7 member states - Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
• It was formed in 1997 with the aim of promoting multifaceted technical and economic cooperation among the countries of the Bay of Bengal region.
• The region covered by BIMSTEC is home to around 1.5 billion people, with a combined GDP of over USD 3.8 trillion.
• Origin:
• The sub-regional organisation was established in 1997 with the adoption of the Bangkok Declaration.
• Initially consisting of 4 Member States, it was known as ''BIST-EC'' (Bangladesh, India, Sri-Lanka and Thailand Economic Cooperation).
• In 1997, it was renamed ''BIMST-EC'' after Myanmar joined.
• The admission of Nepal and Bhutan in 2004 led to another name change to the ''Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation'' (BIMSTEC).

Features of the BIMSTEC Charter

• International Recognition: BIMSTEC gains official standing as a legal entity, allowing it to interact directly with other international organisations on matters of diplomacy and cooperation.
• Shared Goals: The Charter outlines BIMSTEC''s objectives, which focus on building trust and friendly relations among member states, and accelerating economic development and social progress in the Bay of Bengal region.
• Structured Organisation: A clear framework is established for BIMSTEC''s operation, outlining regular meetings at the Summit, Ministerial, and Senior Officials'' levels.
• Expanding Membership: The Charter paves the way for future growth by allowing new countries to join BIMSTEC and for other nations to participate as observers.
• Re-constitution and reduction in the number of sectors of cooperation to 7 and each member-state will serve as a lead for a sector.
• Bangladesh in Trade, investment and development; Bhutan in environment and climate change; India in security, including energy; Myanmar in agriculture and food security; Neopal in people-to-people contacts; Sri Lanka in science, technology and innovation and Thailand in connectivity.

Significance of BIMSTEC

• Aligned with Act East Policy: BIMSTEC is more aligned with India''s Act East Policy. It helps India gain trade and security prominence in the Indian Ocean region and the Indo-Pacific.
• Alternative to SAARC: Following India''s efforts to isolate Pakistan at the 2016 South Asian Association for Regional Cooperation (SAARC) summit in response to the Uri attacks, BIMSTEC has emerged as a preferable regional cooperation platform, offering an alternative to SAARC in South Asia.
• As a counter to China: As China expands its Belt and Road Initiative (BRI) across South and Southeast Asia, India views this growing presence as a challenge to its regional dominance.
• To counter this, India is taking a leading role in BIMSTEC, promoting it as an alternative platform for regional cooperation.
• Promotion of Intangible Culture: Initiatives like India’s Centre for Bay of Bengal Studies (CBS) at Nalanda University, Bihar for research on art, culture and other subjects related to the Bay of Bengal can bring new insight and research in intangible heritage of the region.
• Platform for Regional Cooperation: It brings together countries from South Asia and Southeast Asia, providing a platform for enhanced regional cooperation.
• It has promoted deepening cooperation in security matters and management of Humanitarian Assistance and Disaster Relief (HADR).

BIMSTEC Different from SAARC

Challenges to BIMSTEC

• Lack of Efficiency and Slow Progress: BIMSTEC faces challenges due to inconsistent policy-making, infrequent operational meetings, and a lack of adequate financial and human resources for its Secretariat.
• Limited Intra-Regional Trade and Connectivity: The BBIN connectivity project of Bangladesh, Bhutan, India and Nepal is yet to be finalised.
• Despite signing Free Trade Agreement (FTA) in 2004, BIMSTEC stands far away from this goal. Of the seven constituent agreements needed for the FTA, only two are in place as of now.
• Despite BIMSTEC''s goal of economic cooperation, regional trade remains low. In 2020, India''s trade with BIMSTEC countries only accounted for 4% of its total foreign trade. India-Myanmar border called as "Asia''s least open."
• BIMSTEC members trade more with non-members than with each other.
• Challenges in Maritime Trade and Fisheries: The Bay of Bengal is a rich fishing ground, boasting an annual fish catch of 6 million tonnes (7% of the world''s total) and extensive coral reefs.
• According to the FAO, the Bay of Bengal is one of Illegal, Unreported and Unregulated (IUU) fishing hotspots in the Asia-Pacific.
• Other Issues Among Member States:
• Rohingya refugee crisis between Bangladesh and Myanmar.
• India-Nepal border issues.
• Myanmar''s domestic political instability after the military coup.

Road Ahead

• Finalising the BIMSTEC Charter: This provides a much-needed legal framework, defining BIMSTEC''s purpose, structure, and functioning. It fosters stability and predictability in cooperation efforts.
• BIMSTEC Master Plan for Transport Connectivity: its finalisation will outlines a 10-year strategy to improve regional infrastructure (roads, railways, ports, etc.).
• Enhanced connectivity will boost trade, create jobs, and facilitate the movement of people and goods.
• BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters: This agreement fosters cooperation in tackling transnational crime, a major threat to regional security. By facilitating information sharing and evidence gathering, it strengthens law enforcement capabilities.
• Need to implement projects like Bay of Bengal Large Marine Ecosystem (BOBLME) project of FAO and GEF to curtail IUU fishing.
• BIMSTEC Technology Transfer Facility (TTF): To bridge the technological gap among member states. The TTF, based in Sri Lanka, will facilitate the sharing of knowledge and expertise in key areas, promoting regional development.
• Cooperation between Diplomatic Academies/Training Institutions: This collaboration will enhance diplomatic ties and foster a shared understanding of regional challenges and opportunities among future leaders.
• It promotes regional cohesion and a sense of community.
• Develop Institutional Framework: India should consider creating organizational setups to promote peace and prosperity in the region. It is also necessary to establish successful institutions for BIMSTEC, similar to the South Asian University (SAU) under SAARC.
• Promote Citizen Engagement: Initiatives like a BIMSTEC Parliamentarians Forum, student exchange programs, and a business visa scheme can foster closer ties and a sense of regional community.

The entry into force of the BIMSTEC Charter marks a significant milestone for the grouping, providing it with a legal personality and the ability to engage in structured diplomatic dialogue. This development is crucial for the economic and geopolitical integration of the Bay of Bengal region, and aligns with India''s efforts to strengthen its neighborhood and Act East policy.