Context

  • Sri Lanka will be hosting the Fifth Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit in virtual/hybrid mode on March 30.
    • BIMSTEC is celebrating its 25th year of establishment.

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Significance of BIMSTEC for India

  • BIMSTEC is witnessing enriched political support and commitment from India, given its special significance for India.

Substitute for the failure of the SAARC

  • The strains in the bilateral relations between India and Pakistan have rendered SAARC almost defunct. BIMSTEC provides India with a parallel platform for regional cooperation devoid of Pakistan.
  • Also, trade agreements like the SAARC Preferential Trade Agreement (SAAFTA) and other critical initiatives of SAARC are not yet realized. With SAARC proving to be insufficient to realize India’s goal of ‘Neighbourhood First’, India is now looking towards BIMSTEC.

Increased focus on Act East Policy

  • The shift of India’s foreign policy towards the east affirms the importance of India’s Act East Policy in the coming years.
  • The importance of maritime neighbourhood along with continental neighbours and India’s need to negate the Chinese influence further added to the shift in focus to BIMSTEC. Thus BIMSTEC will help revitalize India’s regional cooperation in the Bay of Bengal region along with deepening its relations with ASEAN.

Significance for Northeast India

  • BIMSTEC connects India’s northeast with BIMSTEC countries. This would enable better connectivity to the region and contribute to its economic development.

Tool for India’s neighbourhood first policy

  • The Bay of Bengal region is integral to India’s ‘Neighbourhood First’ and ‘Act East’ policies which can accelerate the process of regional integration.

Countering growing Chinese influence

  • China’s growing influence and assertiveness in the region remain a major concern for the peace and security of the region. BIMSTEC offers India a platform to counter China multilaterally.

Economic importance

  • BIMSTEC holds immense significance for India to realize its ‘blue economy’ ambitions.
  • The Bay of Bengal is strategically located linking the Indian Ocean and the Pacific Ocean. Carrying one-fourth of the global trade, it becomes the access point to India for resources including energy sources like natural gas reserves and securing this economically significant region is important for India to enlarge its economic market.

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Significance of BIMSTEC for the region

Notably, BIMSTEC matters not just for India but also to the entire region.

Bridge between the two regions

  • BIMSTEC serves as a bridge between two major high-growth centres of Asia — South and Southeast Asia.
  • Comprising five states from South Asia (Bangladesh, Bhutan, India, Nepal and Sri Lanka) and two countries from South East Asia (Myanmar and Thailand), BIMSTEC enables regional integration by acting as a bridge between South Asia and South-East Asia.

Strategic significance

  • Bay of Bengal region is emerging as a new strategic space with the emergence of the idea of the ‘Indo-Pacific’ region.
  • The rapidly changing geopolitical calculus and the growing economic, geopolitical and security connections between the Western Pacific and the Indian Ocean regions are creating a shared strategic space in the Indo-Pacific and the Bay of Bengal is evolving as the centre of the Indo-Pacific region.

Tool for regional integration

  • BIMSTEC offers significant avenues for regional integration between the member states through cooperation and collaboration for developmental cooperation.
  • The geographical contiguity, abundant natural and human resources, rich historical linkages and cultural heritage between the member nations offer significant potential for the BIMSTEC to promote deeper cooperation in the region.

Editorial Analysis For UPSC IAS Current Affairs Preparation

Performance of BIMSTEC

  • Though the organization was mild and slow in the initial stages, the rising potential of the organisation and its strategic relevance led to the strengthening of the organization.
  • There has been tangible progress in BIMSTEC cooperation in several areas that include security, counter-terrorism, intelligence sharing, cybersecurity and coastal security, transport connectivity and tourism, among others.

Editorial Analysis For UPSC IAS Current Affairs Preparation

Summit expectations

  • The upcoming summit must ensure the finalisation of several important agreements to enhance regional strategic and economic integration.
    • Finalization of the BIMSTEC Charter which would help further augment the organization’s visibility and stature in international fora.
    • Given the critical role being played by the BIMSTEC Secretariat, measures to strengthen the institutional capacity of the BIMSTEC Secretariat need to be taken.
    • BIMSTEC Master Plan for Transport Connectivity
    • BIMSTEC Technology Transfer Facility
    • Cooperation between diplomatic academies/training institutions
    • Memorandum of Association for the future establishment of BIMSTEC centres/entities

Editorial Analysis For UPSC IAS Current Affairs Preparation

Recommendations for strengthening the BIMSTEC organization

Connectivity

  • Adequate, affordable and quality connectivity is essential for the economic growth and development of the Bay of Bengal region. This necessitates the development of new infrastructure projects as well as the upgrading of existing ones and also the dovetailing of national connectivity projects into regional connectivity projects.
  • The BIMSTEC Master Plan for Transport Connectivity must provide the necessary boost to connectivity.

Multidimensional partnership

  • BIMSTEC should work towards strengthening the economic, political, maritime and security cooperation among the member nations.
  • Increased cooperation and collaboration between educational institutions, industries and business chambers should also be prioritized.

India’s role

Given India’s stature in the region, India has a key role in accelerating regional cooperation under the BIMSTEC framework and in making it vibrant, stronger and result-oriented.

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