The third summit for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) will be held in Nay Pyi Taw from March 1 to 4 according to the Ministry of Foreign Affairs.
BIMSTEC includes Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal and aims to create cooperation in multiple sectors including trade, investment and energy.
The first BIMSTEC summit was held in Bangkok in 2004 and the second was held in New Delhi in 2008. The group plans to create a free trade area before 2018.
Currently Bangladesh leads the groups in trading and investment, India in transportation and travel, Myanmar in energy and agriculture, Sri Lanka leads in technology, Thailand in fishing, Nepal in anti-poverty and Bhutan in cultural affairs.
Source: ELEVEN Myanmar