2019 – Posted in: Press Information Bureau – Tags: BIMSTEC, Export-Import, trade and coastal shipping

‘BIMSTEC Ports’ Conclave

The Minister for Shipping inaugurated the first-ever ‘BIMSTEC Ports’ Conclave at Visakhapatnam in Andhra Pradesh to be held on 7-8 November 2019.

The first-ever Ports’ Conclave of BIMSTEC nations is expected to explore the possibility of increasing economic cooperation by furthering EXIM (Export-Import) trade and coastal shipping.
The Conclave will also discuss on various investment opportunities, best practices adopted for productivity and safety at Ports.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
It is an International Organization involving a group of countries in South Asia and southeast Asia namely, Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.
The objective of BIMSTEC alliance was to harness trade and accelerated growth with mutual cooperation in different areas of common interest by utilising the regional resources and geographical advantage.
Leadership is rotated in alphabetical order of country names. The permanent secretariat is in Dhaka.

Objective:

There are 14 main sectors of BIMSTEC along technological and economic cooperation among south Asian and southeast Asian countries along the coast of the Bay of Bengal.
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, Climate Change.

BIMSTEC

On 6 June 1997, a new sub-regional grouping was formed in Bangkok under the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
Following the inclusion of Myanmar on 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation).
In February 2004, Nepal and Bhutan become full members.
On 31 July 2004, in the first Summit the grouping was renamed as BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.

Source: PIB