Why is it in the news ?
The first-ever BIMSTEC Ports Conclave at Visakhapatnam in Andhra Pradesh was held in November 2019.
- The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation of seven nations of South Asia and SouthEast Asia, housing 1.5 billion people and having a combined gross domestic product of $3.5 trillion (2018).
- The members of BIMSTEC are Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.
- The objective of the BIMSTEC alliance was to harness trade and accelerated growth with mutual cooperation in different areas of common interest by utilising the regional resources and geographical advantage.
- In view of the non-functioning of the SAARC, the BIMSTEC has emerged as an alternative to the forge collaboration in South Asia.
- BIMSTEC Permanent Secretariat at Dhaka was opened in 2014 and India provides 33% (65% of region's population) of its expenditure.
Agenda of the Conclave
- Port led Industrial and Tourism Development
- Emergent Roles of Ports in the Global Supply Chain
- Safe and Secure Ports
- Ports Services: Delivering Value
- Green Port Operations