BIMSTEC: A Strategic Asset for India's Eastern Engagement

Understanding BIMSTEC and Its Importance for India

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, known as BIMSTEC, plays a significant role in India's strategic framework. Comprising seven countries—India, Bangladesh, Bhutan, Nepal, Sri Lanka, Myanmar, and Thailand—this alliance aims to enhance regional cooperation across various sectors, including trade, security, connectivity, disaster management, and energy. For India, BIMSTEC is instrumental in fostering strategic ties with its eastern neighbors, enhancing trade links, and bolstering the 'Act East' policy.

Key Outcomes of the Recent BIMSTEC Summit

During a recent summit attended by Prime Minister Narendra Modi, a 21-point action plan was proposed to deepen integration within BIMSTEC. Significant outcomes from the summit included:

• Enhancing digital connectivity through India's Unified Payments Interface (UPI)
• Strengthening cooperation in transport and trade
• Establishing a framework for regional security coordination
• Promoting disaster management mechanisms
• Setting up sectoral centers of excellence for technology and capacity building

Benefits of Linking UPI Systems in BIMSTEC

Integrating India's UPI with other BIMSTEC nations offers several advantages:

• Smoother cross-border payments
• Enhanced digital financial inclusion
• Reduced transaction costs in trade and tourism
• Strengthening of regional digital infrastructure

Improving Regional Transport and Connectivity

The agreement on Maritime Transport Cooperation is set to transform the region by:

• Enhancing port connectivity
• Reducing shipping costs
• Boosting supply chain efficiency
• Facilitating the movement of goods and services
• Creating a unified mechanism for dispute settlement, certifications, and trade facilitation

Addressing Cybersecurity and Crime Prevention

India has proposed a proactive role in tackling shared regional concerns such as cybersecurity threats, online financial frauds, terrorism, and human trafficking. Suggested measures include convening national security chiefs and enhancing intelligence sharing and best practices.

Disaster Management Initiatives in BIMSTEC

India plans to establish a Centre of Excellence for Disaster Management, which will:

• Train personnel in disaster response
• Conduct joint rescue and rehabilitation drills
• Share technologies for climate-resilient planning
• Enhance coordination during regional natural disasters like floods and cyclones

Developing Space Cooperation within BIMSTEC

India has also proposed collaboration in space technology, focusing on:

• Shared use of satellite data
• Establishment of ground stations for remote sensing
• Joint ventures in satellite manufacturing
• Capacity building in space research and applications for development planning

Capacity-Building and Youth Engagement

BIMSTEC encourages initiatives like the 'BODHI' scheme for youth skill development, scholarships for technical education, and leadership summits for young professionals. These programs aim to cultivate future leaders and strengthen people-to-people connections across the region.

India's Strategy to Counter China's Influence through BIMSTEC

India is positioning BIMSTEC as a viable regional alternative to Chinese-led groupings by promoting digital platforms like UPI, supporting infrastructure projects, advocating for transparent partnerships, and reinforcing bilateral and multilateral ties within South and Southeast Asia.

The Vision for BIMSTEC's Future

India envisions BIMSTEC as a platform for inclusive and sustainable development, a pillar for regional peace and prosperity, a mechanism to deepen political trust and economic interdependence, and a strategic tool for balancing regional geopolitics and safeguarding shared interests in the Indo-Pacific.