Nepal will host Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit-2018.
Nepal’s Prime Minister KP Sharma Oli made the announcement during his meeting with Indian Prime Minister Narendra Modi in Kathmandu, Nepal.
BIMSTEC was instituted on 6th June 1997 through the Bangkok Declaration. It is headquartered in Dhaka, Bangladesh.
BIMSTEC is the sub-regional group of seven countries in South Asia and South East Asia lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
BIMSTEC member countries are India, Nepal, Bangladesh, Bhutan, Sri Lanka from South Asia and Myanmar, Thailand from South East Asia. They are collectively home to around 1.5 billion people which constitute around 22% of global population.
BIMSTEC main objectives include technological and economic cooperation among South Asian and South East Asian countries along the coast of the Bay of Bengal.
BIMSTEC is a sector-driven cooperative organisation, starting with six sectors including trade, technology, energy, transport, tourism and fisheries.
In 2008, it was expanded to embrace eight more sectors including agriculture, public health, poverty alleviation, counter-terrorism, environment, culture, people to people contact and climate change.