The document discusses the history and objectives of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). It was formed in 1997 to promote technological and economic cooperation among countries in South and Southeast Asia around the Bay of Bengal. Its main objectives are to strengthen economic and trade ties and promote foreign investment. It includes sectors like commerce, technology, tourism, and fisheries. Countries like Myanmar, Nepal, Bhutan, and Bangladesh have benefited from BIMSTEC in developing and integrating into international trade. The impact on Bangladesh includes potential MOUs in energy, agriculture, and tourism sectors, as well as increased trade and connectivity opportunities.

3. Background
On 6 June 1997, a new sub-regional grouping was
formed in BANGKOK and given the name BIST-EC
(BANGLADESH, INDIA, SRI-LANKA
and THAILAND Economic
Cooperation).MAYANMAR attended the inaugural June
Meeting as an observer and joined the organization
as a full member at a Special Ministerial Meeting held
in Bangkok on 22 December 1997, upon which the
name of the grouping was changed to BIMST-
EC. NEPAL was granted observer status by the second
Ministerial Meeting in Dhaka in December 1998.
Subsequently, full membership has been granted to
Nepal and BHUTAN in February 2004.

4. Member Nations

5. OBJECTIVES
The main objective of BIMSTEC is
technological and economic co-operation
among south Asian and south east Asian
countries along the coast of the bay of
Bengal . Commerce, investment,
technology, tourism, human resource
development, agriculture, fisheries,
transport and communication, textiles,
leather etc. have been included in it .

6.  The main objectives of the Free Trade Area
Framework Agreement of the Bay of Bengal
Initiative (BIMSTEC) are to:
 Strengthen and improve economic, international
trade, and foreign direct investment cooperation
 Progressively liberalise and promote foreign trade in
products and services
 Create a transparent, liberal and facilitative foreign
direct investment
 Research new areas and develop appropriate
measures for deep cooperation
 Make easy the economic integration of the least
developed countries in the Bay of Bengal region
 Reduce the development gap among the members.

7. BIMSTEC priority sectors
Trade and Investment, led by Bangladesh
Transport and Communication, led by India
Energy, led by Myanmar
Tourism, led by India
Technology, led by Sri Lanka
Fisheries, led by Thailand

8. After the 8th Ministerial Meeting, a
number of new areas of co-
operation emerged
Agriculture, led by Myanmar
Public Health, led by Thailand
Poverty Alleviation, led by Nepal
Counter-Terrorism and Transnational
Crime, led by India
Environment and Natural Disaster
Management, led by India
Culture, led by Bhutan
People to People contact, led by Thailand
Climate change, led by Bangladesh

9. Countries has developed by
BIMSTEC
 Mayanmar, Nepal, Bhutan and Bangladesh
has developed by BIMSTEC.
 It was hard for them to join themselves in
international trade
 BIMSTEC has made it easy for them.

10. IMPACT ON BANGLADESH
MOUs on energy, agriculture and tourism
are likely to be signed
The most important item on the agenda
is no doubt “trade and connectivity.”

13. Background
 The idea of co-operation in South Asia was discussed in at
least three conferences: the Asian Relations
Conference held in New Delhi on April 1947; the Baguio
Conference in the Philippines on May 1950; and
the Colombo Powers Conference held in Sri Lanka in April
1954.
 In the ending years of the 1970s, the seven inner South
Asian nations that
included Bangladesh, Bhutan, India, Maldives, Nepal, Pakis
tan, and Sri Lanka agreed upon the creation of a trade bloc
and to provide a platform for the people of South Asia to
work together in a spirit of friendship, trust, and
understanding. President Ziaur Rahman later addressed
official letters to the leaders of the countries of the South
Asia, presenting his vision for the future of the region and
the compelling arguments for region

15. Potential future members
Myanmar has expressed interest in
upgrading its status from an observer to a
full member of SAARC. Russia has applied
for observer status membership of
SAARC.Turkey applied for observer status
membership of SAARC in 2012. South
Africa has participated in meetings.

16. IMPORTANCE ASPECTS
• SAARC is an organization of eight countries located in the South
Asia and it stands for the South Asian Association for Regional
Cooperation.
• The Secretariat of this organization is located in the Kathmandu.
• 3% of the area of the world is represented by SAARC countries.
• It was founded as a movement toward collective progress for the
involved nations of South Asia.
• It is around 1.7 billion of the people and it is 21% of the world
population.

17. ACTIVITIES OF SAARC
Poverty Alleviation
Reducing terrorism
Integrated Programme of Action
SAARC Food Security Reserve

18. SAARC SUMMITS
 EIGHTEENTH SUMMIT has been held from beginning
of saarc. Nineteenth summit has been postponed due to
security.
EIGHTEENTH SUMMIT: {26–27 November 2014}
Kathmandu, Nepal.
Their motive is to
 Poverty Alleviation
 Agriculture and Food Security
 Blue Economy

19. SUCCESS
 Creating Amiable Environment.
 CREATION OF “SAPTA” : Trading Agreement for
promoting trade amongst the member countries.
 CREATION OF “SAFTA” : A free trade agreement
confined to goods to reduce customs duty of all
traded goods to zero by the year 2016.
 ADVANTAGES TO THE DEVELOPING AND
UNDERDEVELOPED COUNTRIES : Provided a forum
for bilateral and regional agreements to the nations
for collaboration among themselves for development.

20. FAILURES
 UNRESOLVED BORDER AND MARITIME ISSUES : This has led to
the problems of Terrorism, Refugee Crisis and Smuggling. These
unresolved issues continue to mar cooperative relations.
 ROLE OF EXTERNAL POWERS : India’s ambitions crisscross with
China. China has strengthened its relationship with Sri Lanka and
Bangladesh. Thus, this has led to the trust deficit in the grouping.
 The intra-regional trade of SAARC amounted to $40.5 billion in
2011, which constitutes just 5% of member countries’ trade.
 In its 30 years of existence, SAARC failed to hold 11 annual
summits for political reasons, both at the bilateral and internal
levels.

21. IMPROVEMENT OF COUNTRIES
Getting free trade area
South asian free trade area emaeged
Boundless trade of legitimate product
Opportunity to trade with other countri
freely such as BRICS country.

22. IMPACT ON BANGLADESH
 Modi announced free VISA for Medical
purpose (SAARC countries)
 VISA is extended to business people who
frequently do trading in India
 International market share by supplying
products.
 Lower tariff when export product.
 Business help from other countries.
 Improvement of Economy.