The BIMSTEC Business Summit is the first-ever gathering focusing on business and economic cooperation among the member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
When and where is the summit taking place?
The summit will be held from August 6-8, 2024, in New Delhi, India.
Who are the attendees?
Approximately 100 delegates, including trade ministers from all seven BIMSTEC countries: India, Thailand, Myanmar, Nepal, Bangladesh, Sri Lanka, and Bhutan.
What are the main objectives of the summit?
• Revitalize discussions on the BIMSTEC Free Trade Agreement (FTA)
• Connect chambers of commerce across member countries
• Streamline customs processes and trading practices
• Launch initiatives for women entrepreneurs
• Organize panels on energy security, connectivity projects, and digital cooperation
What is BIMSTEC?
BIMSTEC is an international organization established in 1997, with its headquarters in Dhaka, Bangladesh. It includes seven member countries and focuses on economic and technical cooperation.
What recent activities have BIMSTEC countries engaged in?
• July 26, 2024: Security chiefs met in Naypyitaw, Myanmar
• July 11, 2024: Foreign ministers’ retreat in New Delhi
• Upcoming 6th BIMSTEC Summit in Bangkok, September 2024
What role does India play in BIMSTEC?
India leads several verticals, including Counter-Terrorism and Transnational Crime, Disaster Management, and Energy. India is hosting the Business Summit and exploring the establishment of BIMSTEC Centres of Excellence.
What challenges does BIMSTEC face?
• Slow progress on the BIMSTEC FTA since 2004
• Preference for BIMSTEC over SAARC due to India-Pakistan tensions
• Security issues in Myanmar affecting regional projects
What is the strategic importance of BIMSTEC?
BIMSTEC serves as a key platform for India to connect with Southeast Asia, particularly through Thailand and Myanmar. The organization has expanded its focus from economic cooperation to include counter-terrorism and other issues.
Recent Statements
S. Jaishankar emphasized the importance of renewed commitment and cooperation among Bay of Bengal nations during the foreign ministers’ retreat.
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