BIMSTEC ( PSIR Optional)

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News Context

     ○ The 6th BIMSTEC Summit took place in Bangkok.
      ○ The theme was "BIMSTEC: Prosperous, Resilient and Open."
  ● Thailand held the chairmanship for this summit.  

Major India-led Initiatives launched at 6th BIMSTEC Summit

Other Outcomes

 ● Establishment of BIMSTEC Chamber of Commerce: Initiate the annual BIMSTEC Business Summit.  
  ● BIMSTEC Bangkok Vision 2030: The inaugural vision document aims to create a Prosperous, Resilient, and Open (PRO) BIMSTEC by 2030, with a focus on economic integration, connectivity, and human security.  
  ● Maritime Transport Cooperation Agreement: Formalize collaboration in maritime transport.  
  ● Adoption of Rules of Procedure: Implement procedural guidelines for BIMSTEC Mechanisms.  

BIMSTEC

 ● Genesis: A regional organization founded in 1997 with the signing of the Bangkok Declaration.  
  ● Original Formation: Initially comprised of four members: Bangladesh, India, Sri Lanka, and Thailand, known by the acronym BIST-EC.  
  ● Current Member States (7): Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.  
  ● BIMSTEC Charter: The foundational document detailing the goals, principles, and structure of BIMSTEC, finalized during the 5th Summit in 2022 in Sri Lanka.  
        ○ The Charter grants the organization a legal personality, facilitating external partnerships and the inclusion of observers and new members.
  ● 7 Priority Areas/Pillars: Each led by a member country:  
    ● Trade & Investment: Led by Bangladesh  
    ● Environment & Climate Change: Led by Bhutan  
    ● People-to-People Contacts: Led by Nepal  
    ● Agriculture & Food Security: Led by Myanmar  
    ● Science & Technology and Innovation: Led by Sri Lanka  
    ● Connectivity: Led by Thailand  
  ● India's Role: Leads the Security pillar, which includes three sub-sectors:  
    ● Counter-Terrorism and Transnational Crime  
    ● Disaster Management  
    ● Energy Security