Prime Minister Narendra Modi has participated in the 5th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit through virtual mode. The Summit was hosted by the Government of Sri Lanka, which was the chair nation of BIMSTEC. At the conclusion of the Summit, Thailand took over as chair nation of BIMSTEC. The year 2022 marks the 25th year of the establishment of BIMSTEC.
Theme of the summit:
The theme of the Summit was “Towards a Resilient Region, Prosperous Economies, Healthy People”.
Key points of the Summit
- During the Summit, leaders witnessed the signing of three BIMSTEC agreements
- BIMSTEC Convention on Mutual Legal Assistance in Criminal Matters
- BIMSTEC Memorandum of Understanding on Mutual Cooperation in the field of Diplomatic Training
- Memorandum of Association on Establishment of BIMSTEC Technology Transfer Facility
- Adoption and signing of the BIMSTEC Charter, which would lead to putting in place s set of rules, a framework and long-term goals. This will help to streamline the operations of BIMSTEC and allow the organisation to enhance its potential.
- Adoption of the ‘Master Plan for Transport Connectivity’ which lays out a guidance framework for connectivity-related activities in the region in the future.
- Prime Minister of India, Narendra Modi announced that India will provide USD 1 million to the BIMSTEC secretariat to increase its operational budget.
About the BIMSTEC:
BIMSTEC is an international organisation of seven South Asian and Southeast Asian nations. These are Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. The Leadership is rotated in alphabetical order of country names. The permanent secretariat of BIMSTEC is in Dhaka, Bangladesh.