Minister for Shipping inaugurated the first ever ‘BIMSTEC Ports’ Conclave’ 07/11/2019 – Posted in: Press Information Bureau – Tags: , ,

‘BIMSTEC Ports’ Conclave

(Ministry of Shipping)

 

WHAT

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

 

HIGHLIGHTS

  • 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.

 

BIMSTEC

  • 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

BIMSTEC

 

Background

  • 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

 

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