Nepal is going to host 2018 Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit. It was announced by Nepal’s Prime Minister KP Sharma Oli during his meeting with Indian Prime Minister Narendra Modi in Kathmandu (capital city ).
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 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 was established on 6 June 1997 through the Bangkok Declaration. It is headquartered in Dhaka, Bangladesh. Its prime objectives include technological and economic cooperation among south Asian and south East Asian countries along the coast of the Bay of Bengal. It is sector-driven cooperative organization, starting with six sector 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.