Current Affairs-Topics

BIMSTEC Summit: Fostering Regional Cooperation in New Delhi

The first BIMSTEC Business Summit is set to take place in New Delhi from August 6-8, 2024, organized by the Ministry of External Affairs of India and Confederation of Indian Industries.

Event Overview and Objectives

First BIMSTEC Business Summit to be held in New Delhi from August 6-8, 2024
Organized by the Ministry of External Affairs of India and Confederation of Indian Industries (CII)
Aims to improve cooperation among BIMSTEC member countries
External Affairs Minister Dr. S. Jaishankar to inaugurate the summit
Minister of Commerce and Industries Shri Piyush Goyal to deliver keynote address
Focuses on fostering greater regional collaboration through trade and investment relations
Over 300 key stakeholders expected to attend from across the Bay of Bengal region

Participation and Focus Areas

Attendees include ministers from BIMSTEC countries responsible for trade, commerce, and industry
High-ranking government officials, policymakers, entrepreneurs, and industry associations to participate
Summit aims to prepare an action plan for improving the overall business environment
Identify potential industrial sectors and project opportunities for greater private sector participation

Key focus areas for discussion:

a) Trade facilitation b) Regional connectivity c) Energy security d) Inclusive growth e) Sustainable development

BIMSTEC Background and Importance

Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) established in 1997 as a regional group
Member countries: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal
Links five countries from South Asia and two from South-East Asia
Focuses on improving trade, investment, and economic cooperation among members
Addresses challenges such as climate change
First formal summit held in 2004, became more active since 2015
Last summit held in 2022 in Sri Lanka
India attaches great importance to BIMSTEC for regional cooperation

Related BIMSTEC Activities and Future Plans

Thailand to host the 6th BIMSTEC Summit Meeting in September 2024
Series of BIMSTEC meetings being held in preparation for the upcoming summit
2nd BIMSTEC Foreign Ministers' Retreat held in New Delhi on July 11-12, 2024
4th BIMSTEC Security Chiefs meeting held on July 27, 2024, in Nay Pyi Taw, Myanmar
Summit aims to explore ways to enhance intra-regional trade, which has enormous potential

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