Detail about free trade Of countries

1. Group Members :
• Nitesh Mandal
• Pramila Bhetwal
• Niro Patel
• Rabin Kumar Bhattarai

2. What is BIMSTEC ?
• Stand for Bay of Bengal Initiative for Multi -Sectoral Technical and Economic Cooperation .
• 6th June 1997, a new sub-regional grouping was formed in Bangkok under the name BIST-EC
(Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
• 22 December 1997, during a special Ministerial Meeting in Bangkok, the Group was renamed
‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation) .

3. • 1998, Nepal became an observer. In February 2004, Nepal and Bhutan became full members.
• 31 July 2004, the grouping was renamed as BIMSTEC or the Bay of Bengal Initiative for
Multi-Sectoral Technical and Economic Cooperation .
• Uses the alphabetical order for the Chairmanship. The Chairmanship of the BIMSTEC has
been taken in rotation commencing with Bangladesh (1997–1999,2005-2006), India
(2000,2006-2008), Myanmar (2001-2002,2009-14), Sri Lanka(2002-2003,2018-
2022),Thailand (2004-2005,2022-), Nepal (2015-18).
• International organization of seven South Asian and southeast Asian nations .
• Member includes :- Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are
among the countries dependent on the Bay of Bengal .

4. • Aims to promote economic, cooperation, technological exchange and sustainable
development .
• Focus area are trade, investment, energy, technology, tourism, and more.
• Facilitates collaboration to address common challenges and enhance regional
connectivity.
• Fourteen priority sectors of cooperation have been identified and several BIMSTEC
center have been established to focus on those sectors .

5. Member Nations :-
Countries Head of state Head of Government
India Droupadi Mamu , President of
india
Narendra Modi
Bhutan Jigme Khesar Namgyel
Wangchuck, King of Bhutan
Lotay Tshering
Bangladesh Mohammed Shahabuddin ,
President of Bangladesh
Sheikh Hasina
Myanmar Myint Swe, Acting President of
Myanmar
Min Aung Hlaing
Nepal Ram Chandra Poudel, President of
Nepal
Pushpa Kamal Dahal
Sri- Lanka Ranii Wickremensinghe, President
of Sri- Lanka ( Chief Executive )
Dinesh Gunawardena
Thailand Vajiralongkom ( Rama X ), King of
Thailand
Prayut Chan o cha

6. Objectives of BIMSTEC
• Promote Economic Cooperation
• Encourage Technological and Scientific Cooperation
• Facilitate Investment
• Enhance Connectivity
• Strengthen People -to- People Contacts
• Address Common Challenges
• Promote Sustainable Development
• Cooperate in Trade and Investment Facilitation

7. Principles of BIMSTEC
• Sovereign Equality
• Non-Interference
• Peaceful Coexistence
• Cooperation for Mutual Benefit
• Comprehensive Partnership
• Political Independences
• Flexibility and Open Regionalism
• Inclusivity

8. Area Of Cooperation
Area of cooperation Lead Countries
Trade and Investment/sub sector Bangladesh
Technology/sub sector Sri Lanka
Energy/sub sector Myanmar
Transport and communication/sub sector India
Tourism/sub sector India
Fisheries/sub sector Thailand
Agriculture/sub sector Myanmar
Cultural Cooperation/Sub sector Bhutan
Environment and Disaster Management/sub sector India
Public Health/Sub sector Thailand
People to people contact/sub sector Thailand
Poverty Alleviation/sub sector Nepal
Counter-Terrorism and Transnational crime/sub sector India
Climate change Bangladesh

9. Effects of BIMSTEC to Nepalese Business
Positive Effects
• Investment Opportunities
• Risk Mitigation
• Technology Transfer and Collaboration
• Infrastructure Development
• Trade Facilitation
Negative Effects
• Trade Imbalances
• Cultural and Regulatory Differences
• Unequal Economic Development
• Increased Competition
• Currency Fluctuations

10. Conclusion
• Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
(BIMSTEC) is a regional organization comprising seven member states, including Nepal
• Primary objective is to promote economic integration and cooperation across various
sectors
• Operates based on principles of equality, mutual benefit, and non-interference in the
internal affairs of member states
• Areas of cooperation encompass trade, tourism, agriculture, technology, investment etc.
• Offers opportunities for market diversification, trade facilitation, technology transfer, and
infrastructure development
• Challenges such as unequal economic development, increased competition, trade
imbalance, and potential cultural barriers should be addressed
• To harness the benefits and mitigate the drawbacks, a strategic approach involving
effective policy implementation, cross-border collaboration, and proactive business
planning is crucial

11. Thank You Any Questions ?