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The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) charter was signed and adopted during the 5th summit of the grouping in Sri Lanka, in 2022.
- With the endorsement of the charter by Nepal, all member states completed the ratification of the foundational document and the charter came into force on May 20, 2024.
About BIMSTEC Charter
- BIMSTEC Charter is a foundational document that outlines the goals, principles, and structure of the BIMSTEC.
- Charter confers legal personality on the grouping and paves the way for external partnerships and admission of observers and new members.
About BIMSTEC
- Genesis: Established in 1997 with the signing of the Bangkok Declaration.
- Members: Bangladesh, India, Sri Lanka, Thailand, Myanmar, Nepal and Bhutan
- Secretariat: Dhaka, Bangladesh
- Purpose: To create an enabling environment for rapid economic development and social progress and maintain peace and stability in the Bay of Bengal region.
Significance for India
- Give boost to India’s Act East and Neighbourhood First policy.
- It acts as a bridge between South and SouthEast Asia.
- BIMSTEC would provide an alternative platform especially after dysfunction of SAARC since 2016.
Challenges
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