A reinvigorated BIMSTEC hopes to avoid regional pitfalls
“Having failed to generate interest and visibility since its inception in 1997, BIMSTEC’s [Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation] efforts to undertake institutional reforms comes at a time when changing geopolitical realities have brought about a renewed interest in the Bay of Bengal. With South Asian regionalism centred around the South Asian Association for Regional Cooperation (SAARC) hitting a dead end, BIMSTEC has gained momentum as an alternative platform for cooperation.”
“The landlocked Himalayan nations of Nepal and Bhutan see BIMSTEC as a way to further integrate with the Bay of Bengal region. For Myanmar and Thailand, BIMSTEC allows a way to redress overdependence on China by providing access to consumer markets in India and other rising BIMSTEC economies. Hosting BIMSTEC’s permanent secretariat in Dhaka, Bangladesh expects the subregional grouping would afford a platform for much-needed economic development. As the only island nation in BIMSTEC, Sri Lanka could use the BIMSTEC platform to play a larger role in Indian Ocean initiatives.”
“Taking charge in reinvigorating BIMSTEC, Indian Prime Minister Narendra Modi unveiled a 21-point action plan at the summit to expand the scope of BIMSTEC activities across sectors, including a proposal to link India’s digital payment system — the Unified Payments Interface — with the payment systems of BIMSTEC countries to facilitate trade, business and tourism.”
https://eastasiaforum.org/2025/05/13/a-reinvigorated-bimstec-hopes-to-avoid-regional-pitfalls/