New Delhi, May 21: The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) regional forum is set to take new wings with the entry into force of its charter that has been ratified by the seven member countries. With the South Asian Association for Regional Cooperation (SAARC) virtually dead, BIMSTEC is seen as the new vehicle of cooperation in the region.
External Affairs Minister S Jaishankar said the charter reaffirms India’s commitment to a prosperous, peaceful and sustainable neighbourhood.
The EAM posted on X that it reflects the synthesis of India’s Neighbourhood First and Act East policies.
“The entry into force of the BIMSTEC Charter reaffirms India’s commitment to a prosperous, peaceful and sustainable neighbourhood. It is achieved by building on our shared history, culture, vision and mutual respect for each other.
“BIMSTEC reflects the synthesis of our Neighbourhood First and Act East policies!”
Ministry of External Affairs spokesperson Randhir Jaiswal posted on X that the coming into force of the charter is a “significant milestone for BIMSTEC regional cooperation.”
“A significant milestone for BIMSTEC regional cooperation!
“BIMSTEC Charter entered into force on 20 May 2024, providing legal and institutional framework for meaningful cooperation and deeper integration of the Bay of Bengal region.
“It enables BIMSTEC to partner with other interested countries/organisations and admit Observers and new Members.”
BIMSTEC includes seven member countries, five from South Asia and two from Southeast Asia– India, Bangladesh, Nepal, Bhutan, Sri Lanka, Myanmar, and Thailand — totalling 1.73 billion people with a combined GDP of USD 5.2 trillion, as per available data from 2023.
The Charter becomes effective after 30 days of signing of the ratification by all seven members.
Nepal ratified the charter on April 2 this year.
BIMSTEC Secretary General Indramani Pandey, who is currently in Nepal for his introductory visit, announced that all necessary conditions for the implementation of the Charter have been fulfilled, bringing the Charter into effect from Monday.
“I, Secretary General of BIMSTEC, acting in my capacity as depository, hereby inform that, on 21 April, 2024, the conditions for the entry into force of the BIMSTEC Charter were met. Accordingly, BIMSTEC Charter shall enter into force on 20 May, 2024 in accordance with its Article 25 (4),” Secretary General Pandey said in a statement.
At the fifth summit held in Sri Lanka on March 30, 2022, the heads of member states signed the BIMSTEC Charter.
