The 3rd BIMSTEC Summit: A summary

The 3rd BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit has come to an end in the city of 'Nay Pyi Taw' (Myanmar) with many promising declarations. The seven member organization rolled out an extensive roadmap for collaboration in improving connectivity and enhancing cooperation in areas like trade, energy, environment, terrorism and organized crimes

About

• Its an international organisation comprising Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal as member countries. 
• These 7 countries together account for over 20 per cent of the world population (1.5 billion) coupled with a GDP of more than USD 2.5 trillion.
• It aims to facilitate cooperation in multiple sectors including trade, investment and energy.
• The grouping is said to be a byproduct of Look East Policy of India and Look West Policy of Thailand.
• Previous Summit: New Delhi (India) in 2008
• Next Summit: Kathmandu (Nepal)
• Current Chairman: Myanmar, since November 2009
• Established in June 1997

The challenges Summit identifies and resolves to jointly work to overcome 

• Terrorism and the global threat it poses to peace, stability and economic progress
• Climate change in general and the ensuing natural disasters in particular
• Energy and Food security
• Connectivity, Trade and investment

Achievements

• A Memorandum of Association was signed to set up BIMSTEC Permanent Secretariat in Dhaka. That will facilitate the implementation of declared projects.
• Another MoA to set up a BIMSTEC Centre for Weather and Climate in India to promote cooperation in dealing with challenges posed by climate change.
• Memorandum of Understanding for establishment of a BIMSTEC Cultural Industries Commission and BIMSTEC Cultural Industries Observatory.

Resolutions

• To enhance cooperation in environmental protection and sustainable development
• To enhance cooperation in the field of agriculture, including crops, livestock and horticulture besides fisheries.
• To finalize an agreement on trade in goods by 2014 with intent to promote regional commerce
• To conclude the Agreement on Services and Investments
• To work on agreements on dispute settlement and cooperation in customs matters under the Free Trade Area framework.
• To devise a framework for establishment of the BIMSTEC Technology Transfer Facility.
• To increase cooperation in expanding the skill and technology base of member countries.