BIMSTEC Summit 2022 Outcomes – UPSC GS2

BIMSTEC 2022 Summit:
  • Fifth summit of BIMSTEC was hosted by Sri Lanka.
  • Held in virtual mode.
Outcome of 2022 BIMSTEC Summit:
  • The signing of the Charter of the organization was the major result of the summit.
    • Adoption of the Charter plays a significant role in laying an institutional foundation for BIMSTEC.
    • Further, the Charter has given the BIMSTEC a new shape and well-defined goals.
    • The signing of the Charter has got BIMSTEC international recognition.
    • BIMSTEC now has its own emblem, a flag and listed objectives and principles that it is going to adhere to.
  • The declaration of the Master Plan for Transport Connectivity was also announced at the latest summit in Sri Lanka. This would now provide a framework for regional and domestic connectivity.
  • With a view to develop a formal structure of the organisation, the member nations agreed to divide the working of the grouping into seven pillars. India will take the leadership of the security pillar.
Other Suggestions:
  • The Prime Minister of India recommended a Free Trade Agreement among the member countries for strengthening the BIMSTEC.
  • There also exists a need for developing a coastal shipping ecosystem and electricity grid interconnectivity between the nations as these two components play a crucial role in shaping BIMSTEC.
Way forward:
The new declarations made in the latest summit of BIMSTEC are a welcome sign and various other measures such as facilitating a Free Trade Agreement have to be examined to realize the huge potential of the grouping in the region.
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