Why in News?

• Sri Lanka is gearing up to host the Fifth Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Summit.
• This year is the silver jubilee year for the summit.
• It is being held in virtual/hybrid mode.
• Sri Lanka is the current BIMSTEC chair

What is BIMSTEC?

• Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was founded in 1997.It is a 7 member body which includes the littoral states of India,Bangladesh, Sri Lanka, Myanmar,Thailand and the land-locked states of Nepal and Bhutan,has identified 14 pillars for special focus.These are trade and investment, transport and communication, energy, tourism, technology, fisheries, agriculture, public health, poverty alleviation, counter terrorism and transnational crime, environment and disaster management, people-to-people contact, cultural cooperation and climate change.

New areas of importance

• BIMSTEC has huge potential as a natural platform for development & cooperation in a rapidly changing geopolitical scenarios and can leverage its unique position as a pivot in the Indo-Pacific region.
• There has been progress in BIMSTEC cooperation in several areas that include security, counter-terrorism, intelligence sharing, cybersecurity and coastal security,transport connectivity and tourism.
• There is a greater appreciation of BIMSTEC’s potential due to geographical contiguity, abundant natural and human resources, and rich historical linkages and a cultural heritage for promoting deeper cooperation in the region.
• The Bay of Bengal has the potential to become the epicentre of the Indo-Pacific idea — a place where the strategic interests of the major powers of East and South Asia intersect. Political support and strong commitment from all member countries are crucial in making BIMSTEC a dynamic and effective regional organisation.
• BIMSTEC serves as a bridge between two major high-growth centres of Asia — South and Southeast Asia. Connectivity is essential to develop a peaceful, prosperous and sustainable Bay of Bengal region.
• Participants called for stepped up efforts in areas such as environmental protection, scientific research, curtailing illegal, unreported, and unregulated (IUU) fishing, as well as the development of standard operating procedures that could govern interaction between fishing vessels of one country with maritime law enforcement agencies of another.

India’s role

• The unique ecology of BIMSTEC is witnessing enriched political support and commitment from India.
• India has made the Bay of Bengal integral to India’s ‘Neighbourhood First’ and ‘Act East’ policies which can accelerate the process of regional integration. BIMSTEC matters for India and the region.
• A Bay of Bengal Maritime Dialogue (BOBMD) organised recently by the Centre for Humanitarian Dialogue and the Pathfinder Foundation brought together government officials, maritime experts, and representatives of prominent think tanks from member countries.

Challenges facing BIMSTEC

• The emergence of a dead zone with zero oxygen where no fish survive.
• Leaching of plastic from rivers as well as the Indian Ocean.
• Destruction of natural protection against floods such as mangroves; sea erosion; growing population pressure and industrial growth in the coastal areas and consequently,huge quantities of untreated waste flow.
• Security threats such as terrorism, piracy and tensions between countries caused by the arrests of fishermen who cross maritime boundaries are additional problems. It also needs to be kept in mind that the problem of fishermen crossing into the territorial waters of neighbouring countries affect India and Sri Lanka and Bangladesh and Myanmar (also Pakistan on the west coast).
• Most BIMSTEC countries have premier institutions and excellent scientists but their interaction with the West is far more than within the region.

Way Forward

• The blue economy potential of the Bay of Bengal is huge. There are many opportunities to develop maritime trade, shipping, aquaculture and tourism. However, tapping these opportunities requires coordinated and concerted action by governments, scientists and other experts.