I.  Understanding the BIMSTEC Grouping

  • BIMSTEC, or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is a regional group of 7 member states - Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
  • This coalition was formed in 1997 with the goal of fostering technical and economic cooperation among the nations within the Bay of Bengal
  • Housing around 1.5 billion people and a combined GDP of over USD 3.8 trillion, the regional organisation was originally known as 'BIST-EC', before its renaming following the inclusion of other member-states.

II.   BIMSTEC Charter's Key Features

  • The BIMSTEC Charter grants the organisation official recognition and status as a legal entity, allowing for diplomatic interactions with other international bodies.
  • The charter establishes consolidated objectives and sets the scene for structured operation, including regular meetings at different levels of significance.
  • With the enablement of the charter, the future expansion of BIMSTEC is also possible, with the provision to admit new nations and observer parties. 

III.   The Importance of BIMSTEC

  • The Charter’s adoption marks alignment with India's Act East Policy, hence boosting India's prominence in trade and security in the Indian Ocean region.
  • Post the Uri attacks, Indo-Pakistan dynamics have faltered thus making BIMSTEC a practical alternative to SAARC.
  • The group stands as a counter-response to China's expanding influence through the Belt and Road Initiative.
  • The organisation could lead to new insights in the intangible heritage of the region.
  • Providing an opportunity for increased regional cooperation, BIMSTEC also focuses on managing security and humanitarian assistance.

IV.  Challenges Faced by BIMSTEC

  • BIMSTEC’s efficiency has been impaired due to inconsistent policy-making, limited operational meetings, and a shortage of essential resources.
  • BIMSTEC's goal of economic cooperation faces challenges. Regional trade remains far below the ideal level due to the BBIN connectivity project's incomplete status.
  • Besides, various bilateral issues such as the Rohingya crisis, India-Nepal border disputes, and Myanmar's political instability cast long shadows over the prospects of the organisation.

V.  Projected Growth of BIMSTEC

  • The BIMSTEC Charter's finalisation gives stability and predictability to cooperation efforts, which may help overcome challenges.
  • BIMSTEC has plans to enhance connectivity leading to a boost in trade, job creation, and movement facilitation.
  • Advancement in tackling transnational crime and curbing IUU fishing are other key areas BIMSTEC is focusing on.
  • Plans to cooperate between Diplomatic Academies/Training Institutions and establish a Technology Transfer facility are also in the
  • Developing structures to promote harmony and prosperity, involving citizen engagement, is a key area where BIMSTEC needs to focus.

The BIMSTEC Charter's enforcement is a significant moment for multilateral diplomacy, identifying a potential pathway towards a cooperative and prosperous environment in Asia. The charter would not only unify and direct BIMSTEC's activity but also enhance its visibility on the global front. However, the complexity of the region's political and economic context will decide its future growth trajectory.