<\/p>\n
News<\/span><\/b>: Recently, the <\/span>fifth summit<\/span><\/b> of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was concluded in Colombo. The organization is also celebrating its <\/span>25th year of the formation,<\/span><\/b> which was launched in 1997.\u00a0<\/span>\u00a0<\/span><\/p>\n The summit had <\/span>three important outcomes<\/span><\/b>: <\/span><\/p>\n – Expanding the <\/span>grouping\u2019s agenda<\/span><\/b>, deepening cooperation between the member countries and planning systematically for consistency and coherence.<\/span>\u00a0<\/span><\/p>\n – the <\/span>BIMSTEC charter<\/span><\/b> was finalised after more than two decades. It articulates the purpose, principles, legal standing and regular meeting of the organisation. It stipulates that <\/span>consensus<\/span><\/b> is required for <\/span>admission of new members<\/span><\/b> and increasing the <\/span>number of observer countries<\/span><\/b> of the organisation.\u00a0<\/span>\u00a0<\/span><\/p>\n – The <\/span>Master Plan for Transport Connectivity<\/span><\/b> has been adopted. It has been proposed to extend the <\/span>trilateral highway project<\/span><\/b> between Thailand, Myanmar and India to Laos and Cambodia. Further, Bangladesh, Bhutan and Nepal have also shown interest in the project. These measures will ensure seamless connectivity through <\/span>multi-modal channels<\/span><\/b>. It will deepen cooperation in the region.<\/span> The organization has proposed to conclude the <\/span>regional free trade agreement<\/span><\/b>. It will give a fillip to the organisation\u2019s efforts.<\/span>\u00a0<\/span><\/p>\n The MoU has been signed for <\/span>legal assistance in criminal matters<\/span><\/b>. Further, additional MOUs have been signed for mutual cooperation between <\/span>diplomatic academics<\/span><\/b> and <\/span>training institutes<\/span><\/b>.<\/span>\u00a0<\/span><\/p>\n An <\/span>Eminent Persons\u2019 Group (EPG<\/span><\/b>) is to be established on the lines of the <\/span>EU, G20, and\u202fASEAN<\/span><\/b>. It will formulate a vision document for the region. It will suggest a roadmap to address the challenges in the future.<\/span>\u00a0<\/span><\/p>\n India has promised $1 million to set up a <\/span>Secretariat<\/span><\/b> in <\/span>Dhaka<\/span><\/b> (As proposed in the 4<\/span>th<\/span> Summit in Kathmandu).\u00a0<\/span>\u00a0<\/span><\/p>\n India has committed to provide a $3 million grant to the <\/span>BIMSTEC Centre for Weather and Climate<\/span><\/b>.\u00a0<\/span>\u00a0<\/span><\/p>\n India will promote collaboration between <\/span>industries<\/span><\/b> and start-ups<\/span><\/b>, and would help in adoption of international standards and norms.\u00a0<\/span>\u00a0<\/span><\/p>\n India proposed an <\/span>agricultural trade analysis<\/span><\/b> based on the <\/span>regional value chain<\/span><\/b>. It will be conducted by the <\/span>RIS<\/span><\/b>.\u00a0<\/span>\u00a0<\/span><\/p>\n The term of the <\/span>Secretary-General<\/span><\/b> of the BIMSTEC may be extended. It would provide <\/span>stability<\/span><\/b> to several of the collective\u2019s initiatives.<\/span>\u00a0<\/span><\/p>\n Besides economic links, the Bay of Bengal countries share a <\/span>cultural<\/span><\/b> and <\/span>civilisational legacy<\/span><\/b>. Therefore, institutions like\u202f<\/span>Nalanda University<\/span><\/b> can play a role in promoting research on cultural and civilisational linkage. They can help in the adoption of <\/span>sustainable practices<\/span><\/b> in the region.<\/span>\u00a0<\/span><\/p>\n Source<\/span><\/b>: The post is based on an article \u201cFulfilling the potential of the Bay of Bengal Community<\/strong>\u201d published in The Hindu<\/strong> on 09<\/strong><\/span>th<\/strong> April 2022<\/strong>.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" News: Recently, the fifth summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was concluded in Colombo. The organization is also celebrating its 25th year of the formation, which was launched in 1997.\u00a0\u00a0 What were the outcomes of the summit?\u00a0 The summit had three important outcomes: – Expanding the grouping\u2019s… Continue reading Fulfilling the potential of the Bay of Bengal community\u00a0<\/span><\/a><\/p>\n","protected":false},"author":10328,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[212,10498],"class_list":["post-178512","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/178512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10328"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=178512"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/178512\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=178512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=178512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=178512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}What were the outcomes of the summit?<\/span><\/b>\u00a0<\/span><\/h5>\n
\n<\/span><\/p>\nWhat commitments have been made by India?<\/span><\/b>\u00a0<\/span>\u00a0<\/span><\/h5>\n
Way Forward<\/span><\/b>\u00a0<\/span><\/h5>\n