The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and its Potential Opportunities for Sri Lanka

Abstract

The emergence of regionalism and regional integration must be placed in a broader historical perspective. Regionalism became a prominent feature of world politics during the 1940s and 1950s concurring with extensive moves towards European integration. The process of regionalisation successively manifested itself through the formation of congruent regional blocs among which most important one is the European Economic Community (EEC) therefore, the concept of ‘regionalism’ had been interpreted in European sense and understanding. It is the endurance and achievement of this regional bloc that led to a surge of regionalism among developing countries in the course of time. The Regional cooperation has become increasingly important to sustainable growth and development among South Asian and Southeast Asian countries. Countries in these two regions have been realising that their interaction with each other through unilateral reforms to enhance and economic efficiency, as well as via regional approaches to deepening economic integration, for example, through bilateral and regional agreements. Thus economic another sectorial integration has been an important determinant of economic success and a key ingredient in the recipe for future growth in South Asia and Southeast Asia. Regional cooperation in Asia gained momentum with the establishment of the Association of Southeast Asian Nations (ASEAN) in 1967, the South Asian Association for Regional Cooperation (SAARC) in 1985 and the Asia-Pacific Economic Cooperation (APEC) in 1989. At present, the sub-regional groupings have become a key defining feature of Asian regionalism and BIMSTEC is one sub-regional grouping formed in 1997 for fulfilling common goals of the member states. BIMSTEC has an advantage of combining five geographically adjacent countries of SAARC with two ASEAN members and thus provides a gigantic scope for regional integration and prosperity. Sri Lanka is a member of the SAARC and has played a vital role in promoting regional economic and cultural cooperation. Even though, SAARC is sunk down mainly due to India’s ascendancy and India-Pakistan struggles. Sri Lanka believes that becoming member of ASEAN would give Sri Lanka an assurance against unwelcomed Indian Interference. The biggest gain Sri Lanka stands to benefit from an ASEAN membership is easier access to trading and investment opportunities in the region. Seeking membership of ASEAN is not an impossible task for Sri Lanka; however, it will have to think about the fact that it is geographically not a part of Southeast Asia, which is one major though not untouchable precondition - due to these dilemmas Sri Lanka strategically like to engage with other South Asian Countries. Therefore, Sri Lanka considered BIMSTEC as an opportunity to engage with the economically thriving Southeast Asian countries, especially after several failed attempts to join ASEAN in the decade prior to the establishment of BIMSTEC.