BIMSTEC was established on June 6, 1997, through the Bangkok Declaration, initially as BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation), to promote economic collaboration among South and Southeast Asian countries bordering the Bay of Bengal.
Myanmar joined later in 1997, and Nepal and Bhutan joined in 2004, transforming the group into BIMSTEC – the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.
BIMSTEC was founded to bridge South Asia and Southeast Asia, fostering regional cooperation in trade, transport, energy, and connectivity, especially in the Bay of Bengal region.
From its inception, BIMSTEC was envisioned as a platform for cooperation in 14 key sectors, including technology, tourism, energy, fisheries, agriculture, and public health.
The summit took place in Bangkok, highlighting Thailand’s leadership in promoting regional integration.
Leaders agreed on a framework for digital trade, cybersecurity, and cross-border data flow cooperation.
India’s proposal to establish a regional task force for natural disaster management gained broad support.
The long-discussed BIMSTEC FTA was finalized, expected to enhance intra-regional trade and investment.
A joint tourism charter aims to promote cross-country tourism circuits and simplify visa processes.
Bangladesh pledged funding for young entrepreneurs under a new BIMSTEC Innovation & Startup Fund.
A new cultural initiative includes student exchanges, art festivals, and heritage conservation.
Myanmar emphasized infrastructure upgrades to connect remote BIMSTEC regions.
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