The fourth BIMSTEC [Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Co-Operation] Summit was held in Kathmandu, Nepal on 30-31 August 2018. The theme of the summit was “Towards s peaceful prosperous and sustainable Bay of Bengal Region” The Prime Minister Narendra Modi,Sri Lankan President Maithripala Sirisena, Nepal’s Prime Minister K P Sharma Oli and other top leaders of BIMSTEC attended the two day summit at Kathmandu.It was the fourth visit of prime minister Modi to Nepal.The Nepal Prime Minister K P Sharma Oli handed over the Chairmanship of BIMSTEC to Sri Lankan President Maithripala Sirisena.
The key Facts of Summit 2018.
Nepal pm K.P. Oli said that the the summit will be very much fruitful in facing challenges posed by global warming, achieve sustainable development goals and expanding connectivity to ease movement among the people of BIMSTEC member states and enhance cooperation.
The BIMSTEC Summit 2018 has integrated too more priority sectors- Blue Economy and Mountain Economy.along with its 14 priority sectors.A BIMSTEC Free Trade Agreement [FTA] is under negotiation along with a custom cooperation agreement.
BIMSTEC is regional organisation comprising seven members states lying in the littoral and adjacent areas of the Bay of Bengal constituting a configious regional unity. This sub-regional organization came into 6 Jun 1997 through the Bangkok Declaration.It constitutes seven members States : five deriving from South Asia, including Bangladesh,Bhutan,India,Nepal,Sri Lanka and two from Southeast Asia,including Myanmar and Thailand. Initially the group was formed with four members with the acronym ‘BIS-TEC’ [Bangladesh,India,Sri Lanka and Thailand Economic Cooperation]. following the inclusion of Myanmar on 22 december 1997 during a special ministerial meeting at Bangkok, the group was named as BIMST-EC.[Bangladesh,India,Myanmar,Sri Lanka and Thailand Economic Cooperation] With the admission of Nepal and Bhutan at the 6th Ministerial meeting (February,2004,Thailand),the name of the group was changed to “Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation “BIMSTEC.