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Consider the following statements regarding BIMSTEC. 1. It is a regional organization comprising member states only sharing boundaries with the Bay of Bengal. 2. Indonesia and Malaysia are the only two member countries from Southeast Asia. 3. It seeks to promote trade and investment within BIMSTEC member countries. Which of the following statements given above is/are correct?

Consider the following statements regarding BIMSTEC. 1. It is a regional organization comprising member states only sharing boundaries with the Bay of Bengal. 2. Indonesia and Malaysia are the only two member countries from Southeast Asia. 3. It seeks to promote trade and investment within BIMSTEC member countries. Which of the following statements given above is/are correct? Correct Answer 3 only

The correct answer is 3 only.

Important Points

  • The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven Member States lying in the littoral as well as adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
    • The BIMSTEC region comprises the countries surrounding the Bay of Bengal, and two landlocked countries, Nepal and Bhutan. BIMSTEC was initially set up by Bangladesh, India, Sri Lanka and Thailand in 1997.
    • Myanmar joined later that year and Bhutan and Nepal in 2004.
    • Hence statement 1 is not correct.
  • This sub-regional organization came into being on 6 June 1997 through the Bangkok Declaration.
    • It constitutes seven Member States: five deriving from South Asia, including Bangladesh, Bhutan, India, Nepal, Sri Lanka, and two from Southeast Asia, including Myanmar and Thailand. Hence statement 2 is not correct.
  • There are fifteen priority areas of cooperation for BIMSTEC members.
    • They include Trade & Investment, Transport & Communication, Energy, Tourism, Technology, Fisheries, Agriculture, Public Health, Poverty Alleviation Counter-Terrorism & Transnational Crime, Environment & Disaster Management, People-to-People Contact, Cultural Cooperation and Climate Change. Hence statement 3 is correct.

Key Points

  • BIMSTEC member countries agreed to establish the BIMSTEC Free Trade Area Framework Agreement in order to stimulate trade and investment in the parties and attract outsiders to trade with and invest in BIMSTEC at a higher level.
    • All members, except Bangladesh because of the domestic procedure, became signatories to the Framework Agreement in the 6th Ministerial Meeting.
    • Bangladesh later joined the Framework Agreement on 25 June 2004.
    • However, the members still need to finalise various modalities for operationalising free trade agreement among BIMSTEC nations.

Related Questions

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