Facts for Prelims (FFP)
Source: AIR
Context: Nepal’s Lower House of Parliament endorsed the BIMSTEC Charter recently.
- The BIMSTEC Charter aims to enhance collaboration among member countries, including Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand, in areas such as economic prosperity, social progress, and connectivity.
- BIMSTEC, established in 1997, seeks to foster cooperation and development in the region.
The BIMSTEC Charter is a foundational document that outlines the principles, objectives, and framework for cooperation among member states of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
It establishes the legal basis for the organization and defines its structure, functions, and decision-making processes.
The charter aims to promote regional cooperation and integration among BIMSTEC member countries, which include Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
Key areas of cooperation covered by the charter include economic development, trade, investment, technology transfer, connectivity, and people-to-people exchanges.
The endorsement and ratification of the BIMSTEC Charter by member states are essential for its implementation and the effective functioning of the organization.
