BIMSTEC

                              BIMSTEC                                 

CONTEXT :-

# Prime minister Modi invited leaders from BIMSTEC countries , KYRGYZ Republic and MARUTIUS at his Swearing-in ceremony on may 30 , 2019.

# The invitation to BIMSTEC countries to be part of prime minister's Swearing-in ceremony reflects the importance India attached to it's 'Neighbourhood First' policy.

ABOUT BIMSTEC :-

# It was established on 6'th June , 1997 through the Bangkok Declaration . It has its permanent secretariat at Dhaka.

# It constitutes seven members states, 5, Driving from South Asia, including Bangladesh, Bhutan, India, Nepal, Srilanka, and 2 from Southeast Asia , Including Mayanmar and Thailand. 

# Initially , the economic bloc was formed with four members states with the acronym 'BIST-EC' (Bangladesh, India, Srilanka and Thailand Economic cooperation) .

# Following the inclusion of Mayanmar on 22'nd December 1997 During a special Ministerial Meeting in Bangkok , the group was renamed 'BIMST-EC' (Bangladesh, India, Mayanmar, Srilanka and Thailand Economic cooperation).

# with the admission of Nepal and Bhutan at the 6'th Ministerial meeting (February 2004 Thiland) , the name of the grouping was changed to 'Bay of Bangal Initiative for Multi-sectoral Techo and Economic cooperation' (BIMSTEC).

WHY THE REGION MATTERS:- 

# The Bay of Bangal is the largest bay in the world over one-fifth (22%) of the world's population live in the seven countries around it, and they have a combined GDP close to 2.7 trillion.

# Despite Economic challenges , all the countries in the region have been able to sustain average annual rate of Economic growth between 3.4% and 7.5% from 2012 to 2016.