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04 Apr 2022 Fifth BIMSTEC Summit: Colombo

Posted at 16:05h in Daily current-affairs by khyati khare 0 Comments

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Recently the fifth summit of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) group was held in Colombo (Sri Lanka).

BIMSTEC Charter: The signing of the BIMSTEC Charter was the main outcome of this summit.
Under this charter all the members meet once in two years.
With the Charter, BIMSTEC now has an international presence. Also it has an emblem, and also a flag.
It has formally listed objectives and principles.
In order to develop the formal structure of the organization, the leaders of the member countries have agreed to divide the working of the grouping into seven sections, with India leading the security pillar.
Master Plan for Transport Connectivity: The Summit has announced the Master Plan for Transport Connectivity, which will provide a framework for regional and domestic connectivity.
Other agreements: Member countries have also signed a treaty on mutual legal assistance on criminal matters.
A Memorandum of Understanding (MoA) was also signed on setting up of BIMSTEC Technology Transfer Facility (TTF) in Colombo (Sri Lanka).
India will provide 1 million US dollars to the (BIMSTEC) Secretariat to increase its operating budget.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization with seven out of five members from South Asia, including Bangladesh, Bhutan, India, Nepal and Sri Lanka and two – Myanmar and Thailand are from East Asia.
This sub-regional organization came into existence in the year 1997 through the Bangkok Declaration.
With 21.7 per cent of the world’s population and a combined Gross Domestic Product (GDP) of US$ 3.8 trillion, BIMSTEC has emerged as an influential engine of economic growth.
The secretariat of BIMSTEC is in Dhaka.