Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation involving a group of countries in South Asia and South East Asia. 

• viz: Bangladesh, India, Myanmar, SriLanka,Thailand, Bhutan and Nepal

History:-

• BIST-EC (Bangladesh, India, Sri Lanka, Thailand - Economic Cooperation) was formed at a meeting in Jun 1997 in Bangkok. 
• Myanmar was admitted in Dec 1997 and the organization was renamed as BIMST-EC. 
• The grouping expanded when Nepal and Bhutan were admitted in Feb 2004. The grouping’s name was changed to BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) at 1st Summit Meeting held in Bangkok in Jul 2004.

The Framework Agreement on BIMSTEC Free Trade Agreement (FTA) was signed in February 2004.  

The Framework Agreement includes provision for negotiation of FTA on goods, services, investment and economic cooperation amongst the member countries. 

• The Member countries of BIMSTEC have constituted the Trade Negotiating Committee (TNC) to carry forward the negotiations in accordance with the Framework Agreement.