Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), a regional organization linking South and Southeast Asia whose sixth summit is scheduled to take place in Bangkok on April 6, has emerged from the shadows of South Asian Association for Regional Cooperation’s (SAARC) failure. This organization, comprising seven countries from South and Southeast Asia, is now seen as an effective and alternative model for future regional cooperation. While SAARC is mired in political conflicts, BIMSTEC is moving forward based on the principle of trade and economic growth. As a result, it is opening the doors to a new possibility of joint development. Today, trade and economic cooperation among regional organizations has become much more important. BIMSTEC has brought a new perspective in that direction, which is helping to build the foundation of strong economic relations between South and Southeast Asia.

Structure and Objectives of BIMSTEC

Established in 1997, BIMSTEC was formed primarily for the purpose of economic and technical cooperation in the Bay of Bengal region. This organization is formed by bringing together seven countries—India, Bangladesh, Sri Lanka, Thailand, Myanmar, Nepal, and Bhutan. The economic, cultural, and geopolitical location of the member countries has made BIMSTEC an effective platform. It works to support various areas including technology, transport, trade, energy, climate change, food security, and human resource development. As a result, BIMSTEC is creating a multidimensional area of cooperation that is capable of playing an important role in the collective development of the member countries.

BIMSTEC and SAARC

Due to its completely different perspectives, it would be wrong to judge BIMSTEC and SAARC by the same standards. The biggest problem of SAARC was the political rivalry between India and Pakistan, which has become a huge obstacle to effective regional policy making. BIMSTEC does not have that problem. Here, the goal is not competition, but cooperation to achieve economic prosperity. As a result, member countries are able to reach consensus and take practical development initiatives. Through the formation and activities of BIMSTEC, it is clear that it has been placing more emphasis on trade and cooperation than politics.

Trade-centric cooperation

BIMSTEC’s major advantage over SAARC is its economic base. It is focusing on increasing trade and investment, avoiding political conflicts. The organization’s main objective is to ensure the economic progress of its member countries through expanding trade and increasing investment. The goal of establishing a Free Trade Area (FTA) and the plan to create a maritime trade corridor can establish BIMSTEC as an effective model. Through this plan, BIMSTEC can build a new economic bloc, which will be important for South Asia. For this, BIMSTEC will need to work together as a unit and maintain consistency between the foreign policies and domestic economic policies of its member countries.

The success that the Association of Southeast Asian Nations (ASEAN) and the European Union (EU) have achieved as regional organizations is an inspiration for BIMSTEC. ASEAN has been a model of economic and political stability for many years. BIMSTEC must also be strengthened through regional trade and economic integration.  It will build bridges between South Asia and Southeast Asia, and similarly , create an area of integrated economic growth. In the future, if BIMSTEC can improve regional economic relations among its member countries, it will create a stronger position in the regional and international arena.

Land-centric vs trade-centric 

SAARC is primarily a land-based organization, where geopolitical conflicts have always been a major challenge. On the other hand, BIMSTEC emphasizes maritime cooperation, which is helping to strengthen trade and logistics networks. By utilizing the resources and geographical location of the Bay of Bengal, BIMSTEC member countries can move forward on the path of rapid development. Through this, the countries of South Asia and Southeast Asia will be able to move towards economic integration, which will be beneficial for the entire region as a whole. This maritime cooperation is very important in establishing economic growth and regional cohesion.

Although BIMSTEC has bright prospects, it still faces many challenges. Infrastructural weaknesses, internal political uncertainty and lack of adequate investment can question the effectiveness of the organization. However, with the adoption of the right strategy and policies, BIMSTEC can be transformed into one of the strongest regional economic organizations in South and Southeast Asia. Quick decisions need to be taken in terms of project implementation and cooperation in mutual economic activities among the member countries. Political will and the desire to cooperate are important for the effectiveness and future development of BIMSTEC.

Where SAARC has become ineffective due to political differences, BIMSTEC has emerged with a new vision. It is working as a bridge between South Asia and Southeast Asia and can emerge as a strong economic alliance in the future. BIMSTEC’s effective development initiatives and strategic decision-making will determine whether it can truly succeed like ASEAN or the European Union.  If BIMSTEC takes more effective steps to enhance regional cooperation among member countries, it will create a strong foundation for not only regional but also global economic stability and prosperity.

(The author is an undergraduate student of the Department of International Relations at the University of Rajshahi, Bangladesh. Views expressed are personal. She can be reached at atiaibnat01403@gmail.com )