BIMSTEC                         

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Context: Sri Lanka will host the BIMSTEC summit from March 28 to 30. BIMSTEC’s current chair, Sri Lanka has decided to invite a top junta appointed Foreign Minister to the summit.

• One of the main objectives of this week’s summit would be to launch the ‘BIMSTEC charter’, and hand over the leadership of the forum to Thailand, the next chair.

About BIMSTEC:

• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of seven South Asian and Southeast Asian nations.
• The BIMSTEC provides a unique link between South and South-East Asia with 5 countries - Bangladesh, Bhutan, India, Nepal and Sri Lanka from South Asia and two countries - Myanmar and Thailand from South-East Asia coming together on one platform for cooperation in 14 key economic and social sectors of the economy.
• The BIMSTEC was founded in 1997with an ambition to pursue mutual trade, connectivity and cultural, technical and economic development in the region.
• Initially, six sectors- trade, technology, energy, transport, tourism and fisheries were included for sectoral cooperation which was later expanded to 14 areas of cooperation.
• Agriculture is one of the 14 sectors.
• 22 per cent of the global population live in BIMSTEC countries, agriculture & allied activities are central to the economic and social development of the region.
• A BIMSTEC free trade agreement is under negotiation, also referred to as the mini SAARC.
• The BIMSTEC Free Trade Area Framework Agreement (BFTAFA) has been signed by all member nations to stimulate trade and investment in the parties, and attract outsiders to trade with and invest in the BIMSTEC countries at a higher level.

https://www.thehindu.com/news/international/with-invite-to-myanmar-fm-bimstec-steps-out-of-shadows-out-of-line-with-asean/article65264517.ece