The formal implementation of the BIMSTEC Charter is expected to significantly enhance regional economic cooperation among member states, marking a major milestone for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). The Charter, which came into effect on May 20, establishes a comprehensive legal and institutional framework for collaboration among the seven member countries: India, Sri Lanka, Bangladesh, Myanmar, Thailand, Nepal, and Bhutan.
India’s Foreign Minister, Dr. S. Jaishankar, highlighted the Charter’s significance, noting on ‘X’ that it reinforces India’s commitment to being a prosperous, peaceful, and sustainable neighbor. He emphasized that BIMSTEC is integral to India’s Neighborhood First and Act East policies. Foreign Ministry spokesperson Randhir Jaiswal described the Charter’s implementation as a crucial step that will enhance BIMSTEC’s partnerships with other countries and facilitate the inclusion of new members.
The Charter, signed by all BIMSTEC members at the fifth BIMSTEC Summit in Colombo on March 30, 2022, came into force following the ratification by each member country, completed in April 2024. With a combined GDP of approximately $3.6 trillion and representing 22 percent of the global population, the BIMSTEC region is poised for strengthened economic cooperation and growth under this new framework.
