BIMSTEC 2022 Summit:
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Fifth summit of BIMSTEC was hosted by Sri Lanka.
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Held in virtual mode.
Outcome of 2022 BIMSTEC Summit:
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The signing of the Charter of the organization was the major result of the summit.
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Adoption of the Charter plays a significant role in laying an institutional foundation for BIMSTEC.
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Further, the Charter has given the BIMSTEC a new shape and well-defined goals.
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The signing of the Charter has got BIMSTEC international recognition.
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BIMSTEC now has its own emblem, a flag and listed objectives and principles that it is going to adhere to.
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The declaration of the Master Plan for Transport Connectivity was also announced at the latest summit in Sri Lanka. This would now provide a framework for regional and domestic connectivity.
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With a view to develop a formal structure of the organisation, the member nations agreed to divide the working of the grouping into seven pillars. India will take the leadership of the security pillar.
Other Suggestions:
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The Prime Minister of India recommended a Free Trade Agreement among the member countries for strengthening the BIMSTEC.
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There also exists a need for developing a coastal shipping ecosystem and electricity grid interconnectivity between the nations as these two components play a crucial role in shaping BIMSTEC.
Way forward:
The new declarations made in the latest summit of BIMSTEC are a welcome sign and various other measures such as facilitating a Free Trade Agreement have to be examined to realize the huge potential of the grouping in the region.