The 5th Summit of BIMSTEC and Bangladesh: Promoting Regional Cooperation in the Bay of Bengal Region

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In the era of globalization, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has entered in the domain of regional cooperation to accelerate the shared growth and cooperation between the littoral and adjacent countries in the Bay of Bengal region on 6 June 1997. Actually, a new sub-regional grouping was formed in Bangkok under the name of BISTEC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation). The group was later renamed BIMSTEC after the inclusion of Myanmar on 22 December 1997. BIMSTEC region comprises almost 22% of world’s population or 1.68 billion people, and these member states have a combined GDP of $3.69 trillion per year. BIMSTEC works as a bridge between East Asia and South Asia. For pragmatic policy, Bangladesh has achieved its remarkable successful economic and social transformation and is successfully maintaining the economic stability after the COVID-19 pandemic. Bangladesh is significant for BIMSTEC because of the dynamic geopolitical implications of Bangladesh’s economic development, which is causing a shift in South Asia’s center of economic gravity. [Read the full article from here]