Current Significance and Achievements

BIMSTEC has taken several initiatives to promote economic and strategic cooperation. The most recent and notable step is the adoption of the BIMSTEC Charter during the 5th BIMSTEC Summit hosted by Sri Lanka in 2022. The Charter formally establishes the organization’s legal and institutional framework, thereby enhancing its credibility and decision-making capability.

In recent years, BIMSTEC has prioritized security cooperation, with India taking a lead role in hosting joint military exercises and maritime security forums. The BIMSTEC Coastal Shipping Agreement and Motor Vehicles Agreement, once finalized, aim to enhance regional connectivity by easing the movement of goods and people. Furthermore, the BIMSTEC Grid Interconnection Master Plan, developed in collaboration with the Asian Development Bank (ADB), is a step towards energy cooperation and cross-border electricity trade.

Economic and Strategic Importance

The BIMSTEC region is home to nearly 1.7 billion people—approximately 22% of the global population—with a combined GDP of over US$ 3.8 trillion. The Bay of Bengal, which lies at the center of BIMSTEC, is not only a vital conduit for global trade but also rich in untapped marine resources. As global supply chains shift and Indo-Pacific strategies gain prominence, BIMSTEC holds the potential to become a key pillar in India’s “Act East” and “Neighbourhood First” policies.

Furthermore, BIMSTEC allows India to counterbalance China’s growing influence in the region, particularly through the Belt and Road Initiative (BRI). Strengthening regional connectivity and cooperation through BIMSTEC can help create resilient supply chains, promote sustainable development, and ensure maritime security in the Indo-Pacific.

Challenges and Roadblocks

Despite its potential, BIMSTEC faces several challenges. Firstly, the grouping lacks a permanent secretariat with robust institutional capacity. Although a secretariat was established in Dhaka in 2014, it remains under-resourced and lacks the authority to enforce compliance or monitor progress effectively.

Secondly, the varying levels of economic development and political stability among member states pose significant hurdles. For instance, the political crisis in Myanmar, Sri Lanka’s economic turmoil, and Nepal’s frequent government changes hinder consistent policy alignment and regional coordination.

Thirdly, there has been a noticeable gap between declarations and implementation. Many ambitious plans, such as the BIMSTEC Free Trade Agreement (FTA), remain stalled due to bureaucratic delays and domestic political considerations.

Suggestions for Revitalization

1. Strengthening Institutional Framework: BIMSTEC must invest in its secretariat by increasing financial and human resources. It should also establish specialized working groups to ensure effective implementation of agreements.
2. Fast-Tracking Connectivity Projects: Prioritize the completion of the BIMSTEC Coastal Shipping and Motor Vehicles Agreements. A regional connectivity master plan should be prepared to streamline infrastructure development.
3. Enhancing Trade and Economic Integration: Member states must expedite negotiations on the BIMSTEC FTA, with a focus on reducing non-tariff barriers and facilitating customs cooperation. Digital trade and e-commerce should also be included in the trade agenda.
4. Leveraging India’s Leadership: As the largest economy in the grouping, India should provide leadership in capacity building, technology transfer, and disaster management, thereby fostering trust and cooperation.
5. Promoting People-to-People Connectivity: Enhanced cooperation in areas like education, tourism, and cultural exchanges can strengthen regional identity and grassroots engagement.
6. Strategic Maritime Cooperation: BIMSTEC should focus on coordinated maritime domain awareness, joint naval exercises, and sustainable marine resource management to ensure security and prosperity in the Bay of Bengal.

Conclusion

Reviving regionalism through BIMSTEC aligns with the broader vision of a stable, prosperous, and integrated South and Southeast Asia. By addressing institutional weaknesses, expediting pending agreements, and fostering deeper economic and strategic ties, BIMSTEC can emerge as a cornerstone of India’s regional diplomacy. As geopolitical rivalries intensify and global institutions face credibility crises, BIMSTEC offers a viable and pragmatic platform for regional collaboration rooted in shared geography and mutual interests. Its success will not only uplift the member nations but also contribute to a more balanced and multipolar world order.