The BIMSTEC Business Summit marks the inaugural gathering aimed at enhancing business and economic collaboration among the member nations of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). This significant event is set to foster dialogue regarding trade and economic strategies.
The summit is scheduled for August 6-8, 2024, and will be hosted in New Delhi, India, providing a platform for various stakeholders to converge.
Approximately 100 delegates are expected to participate, including trade ministers from all seven BIMSTEC countries: India, Thailand, Myanmar, Nepal, Bangladesh, Sri Lanka, and Bhutan.
BIMSTEC is an international organization founded in 1997, headquartered in Dhaka, Bangladesh. It comprises seven member countries focused on fostering economic and technical cooperation throughout the region.
India plays a pivotal role in the organization, leading several key initiatives such as Counter-Terrorism and Transnational Crime, Disaster Management, and Energy. Notably, India is hosting the Business Summit while considering the establishment of BIMSTEC Centres of Excellence.
BIMSTEC serves as a crucial platform for India to enhance its connections with Southeast Asia, particularly through Thailand and Myanmar. The organization has broadened its focus, addressing not just economic cooperation but also pressing issues like counter-terrorism.
During the foreign ministers’ retreat, S. Jaishankar highlighted the necessity for renewed commitment and collaboration among the nations surrounding the Bay of Bengal, underscoring the importance of this strategic partnership.
Q1. What are the key objectives of the BIMSTEC Business Summit?
Answer: The key objectives include revitalizing discussions on the BIMSTEC Free Trade Agreement, connecting chambers of commerce, and launching initiatives for women entrepreneurs.
Q2. When is the BIMSTEC Business Summit scheduled?
Answer: The summit is set to take place from August 6-8, 2024, in New Delhi, India.
Q3. Who will attend the BIMSTEC Business Summit?
Answer: Approximately 100 delegates, including trade ministers from the seven BIMSTEC countries, are expected to attend.
Q4. What challenges does BIMSTEC face?
Answer: BIMSTEC faces challenges like slow progress on the Free Trade Agreement, regional security issues, and the preference for BIMSTEC over SAARC due to geopolitical tensions.
Q5. What is the significance of BIMSTEC for India?
Answer: BIMSTEC is significant for India as it strengthens connections with Southeast Asia and addresses crucial issues such as counter-terrorism and economic cooperation.
Question 1: What is the primary focus of the BIMSTEC Business Summit?
A) Environmental issues
B) Business and economic cooperation
C) Cultural exchange
D) Military collaboration
Correct Answer: B
Question 2: Which country is hosting the BIMSTEC Business Summit in 2024?
A) Thailand
B) India
C) Bangladesh
D) Sri Lanka
Correct Answer: B
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