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The Sixth Summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is scheduled to be held in Thailand in September 2024. Prior to this, the Foreign Ministers’ Retreat took place from July 11-12, 2024, in New Delhi. This retreat serves as a platform for the foreign ministers of BIMSTEC member states to exchange ideas and foster deeper cooperation across various sectors such as security, connectivity, trade, investment, and people-to-people contact. The first BIMSTEC Foreign Ministers’ Retreat was held in Bangkok in 2023.

The status of BIMSTEC

BIMSTEC was established on June 6, 1997, and is not a new organisation. Initially known as BIST-EC—an acronym for Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation—it began with just these four countries. The organisation’s name was changed to BIMSTEC when Myanmar joined on December 22, 1997, and Bhutan and Nepal joined in February 2024. This expansion was formalised with the signing of the Bangkok Declaration. The primary aim of BIMSTEC is to promote economic cooperation among countries bordering the Bay of Bengal. Its formation has been gradual, with the BIMSTEC Secretariat established in Dhaka in 2014. The charter was signed and adopted during the 5th BIMSTEC Summit, which was held virtually in Colombo on March 30, 2022.

The 6th Summit

According to a report by the Bangkok Post on July 14, Thailand is set to host the 6th BIMSTEC Summit in Bangkok on September 4, 2024. Foreign Affairs Minister Maris Sangiampongsa, who will chair the meeting, emphasized Thailand’s strategic role as a connector between BIMSTEC and ASEAN, as well as Southeast Asian markets with a combined population of over 4 billion.

Sangiampongsa highlighted the need for BIMSTEC to enhance cooperation on non-traditional security issues, including food security through sustainable utilisation of Bay of Bengal resources, human security through medical tourism and education, and energy security through cooperation on clean and renewable energy.

India’s investment in BIMSTEC infrastructure

The Indian government is increasingly interested in develop-ing BIMSTEC for various strategic reasons. It aligns with India’s Act East policy, which aims to engage more deeply with Southeast Asia and the South Asian region. India sees BIMSTEC as an opportunity to lead several connectivity pro-jects across the region. For instance, Nepal and Bhutan could gain access to seaports through BIMSTEC member countries.

India is advancing infrastructure development, including waterways and land routes with Bangladesh, which could benefit its northeastern states. There are ongoing discussions about constructing a land bridge with Sri Lanka, as well as the development of an underwater cable system and the resumption of ferry services with Myanmar. India is involved in the Kaladan Multi-Modal Transit Transport Project, which includes access to Sittwe Port and became operational in 2023. Additionally, India, Thailand, and Myanmar are working on a trilateral highway, with about 70% of the project completed and the remaining 110 km expected to be finished soon.

According to Smruti S. Pattanaik’s recent article in The Kathmandu Post, transport and electricity grid connectivity among Bangladesh, Bhutan, India, and Nepal will be crucial in advancing BIMSTEC’s agenda. The BIMSTEC Energy Outlook 2035 indicates that energy supply in the region grew at an average rate of 10.72% between 2014 and 2019, with India being a major beneficiary.

Can BIMSTEC Replace SAARC?

SAARC (South Asian Association for Regional Cooperation) has faced political and economic challenges, leading to a deadlock. In an increasingly globalised world, the formation of regional trade blocs has become more significant. The European Union’s success in creating a single market could serve as a model for India. However, replicating such benefits requires robust supply chain facilities and trade blocks, which are essential for economic growth.

As a relatively large country in the region, India needs to build trust and demonstrate mutual economic and political benefits to its neighbors. In this context, BIMSTEC may offer the regional cooperation and economic integration that SAARC has struggled to achieve.