UPSC CDS GS Economy Questions Part 2

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organisation comprising seven Member States (five deriving from South Asia, including Bangladesh, Bhutan, India, Nepal and Sri Lanka, and two from Southeast Asia, including Myanmar and Thailand) lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity. The organisation came into being on June 6, 1997 through the Bangkok Declaration. Initially, the economic bloc was formed with fourMember States with the acronym ‘BIST-EC’ (Bangladesh, India, SriLanka and Thailand Economic Cooperation). Following the inclusion of Myanmar on December 22, 1997, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation). With the admission of Nepal and Bhutan at the 6th Ministerial Meeting (February 2004, Thailand), the name of the group was changed to ‘Bay of Bengal Initiative for MultiSectoral Technical and Economic Cooperation’ (BIMSTEC). The regional group constitutes a bridge between South and South-East Asia and represents a reinforcement of relations among these countries. BIMSTEC has also established a platform for intra-regionalcooperation between SAARC and ASEAN members. So, only statement (3) is incorrect.