CONTENTS
- BIMSTEC Foreign Ministers’ Retreat
- G7 (Group of Seven)
BIMSTEC Foreign Ministers’ Retreat
Context:
The 2nd Retreat of the Foreign Ministers of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was held in New Delhi, amidst rising tensions and significant developments in Myanmar. India’s External Affairs Minister highlighted the importance of BIMSTEC addressing regional challenges internally, particularly in light of the recent setbacks faced by Myanmar’s military junta against various Ethnic Armed Organisations (EAOs).
Relevance:
GS-II: International Relations (Foreign Policies affecting India’s Interests, Important International groupings), Prelims
Dimensions of the Article:
- Key Highlights of the BIMSTEC Foreign Ministers’ Retreat
- About BIMSTEC
- History of Formation of the BIMSTEC
- Significance of BIMSTEC
Key Highlights of the BIMSTEC Foreign Ministers’ Retreat:
- Addressing Long-standing Goals: The meeting emphasized the need to prioritize capacity building and economic cooperation amidst current global and regional challenges.
- Impact of Myanmar Crisis: Discussions focused on the destabilizing impact of the Myanmar crisis on regional stability and developmental projects. The instability has disrupted various initiatives aimed at enhancing connectivity and cooperation among BIMSTEC countries.
- Humanitarian Aid Considerations: There were deliberations on the potential for humanitarian aid, with India’s current assistance focused on displaced populations and military personnel sheltering in Mizoram.
- Caution in Approach: India maintains a cautious stance, particularly concerning Ethnic Armed Organizations (EAOs) controlling critical trade routes and territories near international borders.
- Cooperation on Countering Transnational Crimes: BIMSTEC countries, including India, reiterated their commitment to collaborate on combating transnational crimes such as cybercrime, narcotics trafficking, and illegal arms trade.
About BIMSTEC
- 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:
- Bangladesh
- Bhutan
- India
- Nepal
- 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.
- Its members lie in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity. BIMSTEC not only connects South and Southeast Asia, but also the ecologies of the Great Himalayas and 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.
- The BIMSTEC uses the alphabetical order for the Chairmanship which has been taken in rotation commencing with Bangladesh (1997–1999).
History of Formation of the BIMSTEC
- 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.
Significance of BIMSTEC
- BIMSTEC acts as a platform for intra-regional cooperation between SAARC and ASEAN members.
- Around one-fourth of the world’s traded goods cross the Bay of Bengal every year.
- Important Connectivity Projects related to BIMSTEC
- Kaladan Multimodal Project – links India and Myanmar.
- Asian Trilateral Highway – connecting India and Thailand through Myanmar.
- Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement – for seamless flow of passenger and cargo traffic.
Strategic Significance for India
- BIMSTEC Enables India to pursue three core policies:
- Neighbourhood First- primacy to the country’s immediate periphery;
- Act East- connect India with Southeast Asia; and
- Economic development of India’s North Eastern states- by linking them to the Bay of Bengal region via Bangladesh and Myanmar.
- India has moved from Look East Policy to Act East Policy and Indo Pacific cooperation through its diaspora, culture and connectivity. This has led to India’s goodwill in the region.
- Allows India to counter China’s creeping influence in countries around the Bay of Bengal due to the spread of its Belt and Road Initiative.
- Physical connectivity with BIMSTEC would also help India integrate itself with ASEAN’s Master Plan of Connectivity 2025.
- A new platform for India to engage with its neighbours with South Asian Association for Regional Cooperation (SAARC) becoming dysfunctional because of differences between India and Pakistan.
- BIMSTEC suddenly received special attention as New Delhi chose to treat it as a more practical instrument for regional cooperation over a faltering SAARC.
G7 (Group of Seven)
Context:
Union Minister of Commerce and Industry Shri Piyush Goyal holds meetings with counterparts at G7 Trade Ministers’ meet in Italy.
Relevance:
GS II: International Relations
Dimensions of the Article:
- About G7
About G7:
- G7 stands for Group of Seven, which is an international intergovernmental economic organization consisting of seven member countries.
- The member countries are the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom.
- As of 2022, G7 countries make up 10% of the world’s population, 31% of the global GDP, and 21% of global carbon dioxide emissions.
History:
- G7 was founded in 1975 as the G6, consisting of the six richest countries in the world at that time.
- Canada joined the group in 1976, and the group became known as the G7.
- The group meets annually to discuss global economic issues and make decisions that can affect the global economy.
Objectives:
- The main objectives of G7 are to promote economic growth and stability, enhance international trade, and coordinate policies on economic issues among the member countries.
- The group also focuses on addressing global challenges such as climate change, cybersecurity, and geopolitical tensions.
Meetings and decisions:
- G7 leaders meet annually at the G7 Summit to discuss global economic issues and coordinate policies.
- Decisions made by the G7 can have a significant impact on the global economy and international relations.
- The G7 also collaborates with other international organizations such as the International Monetary Fund and the World Bank.
Criticism:
- The G7 has been criticized for being too exclusive, as it only includes the richest countries in the world and does not represent the interests of developing nations.
- Critics also argue that decisions made by the G7 can have negative consequences for developing countries and can perpetuate global economic inequality.
