BIMSTEC to Adopt Bangkok Vision 2030

Context

In a 19th ministerial meeting of BIMSTEC in Thailand, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is going to adopt a ‘Bangkok Vision 2030’ which would be an overarching document and give direction to the organization.

• The marine transport cooperation agreement is also expected to be concluded at the summit.

The Bangkok Vision 2030:

• Background:
  • The grouping comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
  • In 2022, the BIMSTEC charter was adopted which lays the foundation for it to function as a full-fledged organization.
• About:
  • Objective: Bangkok Vision 2030 seeks to propel BIMSETC toward a region that is prosperous, resilient, and open moving us in a forward-looking trajectory for sustainable and balanced growth.
  • An eminent group of persons has been introduced for monitoring progress in all seven sectors.
• Draft proposed:
  • The 19th BIMSTEC ministerial meeting hosted by Thailand in March 2023, had discussed and approved the draft text of BIMSTEC Bangkok Vision 2030.
  • The goals found in the vision are also in line with the United Nations’ Sustainable Development Goals and Thailand’s bio-circular-green economic model.

Marine transport cooperation agreement: The meeting also approved several agreements and important documents, including the rules of procedure for the BIMSTEC mechanism, and an agreement on maritime transport cooperation.

Significance:

• This aims to further promote BIMSTEC as a region of peace, stability, and economic sustainability.

Key points of BIMSTEC Ministerial Meeting:

• During the meeting, the Ministers approved several documents including rules of Procedure for Core BIMSTEC Mechanisms, Sectoral BIMSTEC Mechanisms and BIMSTEC’s External Relations for submission to the 6th BIMSTEC Summit.
• The meeting also approved the draft Host Country Agreement between India and the BIMSTEC Secretariat for establishing BIMSTEC Centre for Weather and Climate in India.
• The Meeting also approved the Terms of Reference for an Eminent Person’s Group on the Future Directions of BIMSTEC.
• The Terms of Reference were finalized under the special scheme for institution building.
• Besides BIMSTEC Bangkok Vision 2030 was also approved and will be launched at the 6th BIMSTEC Summit.
• The Meeting also gave its nod to the Administrative and Disciplinary Rules of the Secretariat and amended Financial Rules and Regulations of the BIMSTEC Secretariat.

About BIMSTEC: It is a regional organization that was established on 06 June 1997 with the signing of the Bangkok Declaration. The Chairmanship of BIMSTEC rotates according to the alphabetical order of the English names of the Member States. Its Secretariat was established in Dhaka, Bangladesh.