Focus: GS II- International Relations
Why in News?
The Union Cabinet chaired by the PM has approved a Memorandum of Association (MoA) by India for the establishment of the BIMSTEC Technology Transfer Facility (TTF).
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of seven nations of South Asia and Southeast Asia:
- Sri Lanka
- Myanmar (South-east Asia)
- Thailand (South-east Asia)
- Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are the member states dependent on the Bay of Bengal.
- Fourteen priority sectors of cooperation have been identified and several BIMSTEC centres have been established to focus on those sectors.
- The permanent secretariat of the BIMSTEC is in Dhaka, Bangladesh.
History of Formation
- In 1997, a new sub-regional grouping was formed in Bangkok under the name BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
- Following the inclusion of Myanmar on 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation).
- In 2004, at the first Summit the grouping was renamed as BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.
- There are 14 main sectors of BIMSTEC along technological and economic cooperation among south Asian and southeast Asian countries along the coast of the Bay of Bengal.
- Trade & Investment
- Transport & Communication
- Public Health
- Poverty Alleviation
- Counter-Terrorism & Transnational Crime
- Environment & Disaster Management
- People-to-People Contact
- Cultural Cooperation
- Climate Change
- The BIMSTEC uses the alphabetical order for the Chairmanship which has been taken in rotation commencing with Bangladesh (1997–1999).
What is BIMSTEC TTF?
- Recently, the BIMSTEC member countries signed the agreement at the 5th BIMSTEC Summit in Colombo, Sri Lanka.
- The BIMSTEC TTF’s main goals are to organise, facilitate, and expand cooperation in technology transfer among BIMSTEC Member States, as well as to encourage technology transfer, experience exchange, and capacity building.
- The TTF will have a Governing Board, with the Governing Board having overall control over the TTF’s activities.
- Each Member State will send one nominee to the Governing Board.
- Databank of technologies available in BIMSTEC Countries,
- Repository of information on good practices in the areas of technology transfer management, standards, accreditation, metrology, testing and calibration facilities,
- Capacity building, sharing of experiences and good practices in development, and
- Transfer and use of technologies among BIMSTEC countries.