BIMSTEC

1. Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)
comprising Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand brings
together 1.5 billion people 21% of the world population, and a combined GDP of over US$
2.5 trillion.
2. BIMSTEC established on 6 June 1997, and its headquarter is situated in Dhaka, Bangladesh.
3. The main objective of BIMSTEC is technological and economical cooperation among south
Asian and south east Asian countries along the coast of the bay of Bengal.
4. The third summit was held from 1 March to 4 March 2014 in Naypyidaw, Myanmar.
Highlights of the summit are-
a) The members agreed for closer cooperation in combating all forms of terrorism and
transnational crimes.
b) Member States towards addressing the adverse impacts of climate change in the BIMSTEC
region.
c) Agreement on Cooperation and Mutual Assistance in Customs Matters under the Framework
Agreement on the BIMSTEC Free Trade Area.
d) The members agreed to set up the BIMSTEC Network of Policy Think Tanks.

5. The following three pacts were signed-

a) Establishment of the BIMSTEC Permanent Secretariat.

b) Establishment of the BIMSTEC Cultural Industries Commission (BCIC) and BIMSTEC
Cultural Industries Observatory (BCIO).
c) Establishment of a BIMSTEC Centre for Weather and Climate.