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On 6 June 1997, a sub-regional grouping was formed in Bangkok and given the name BIST-EC (Bangladesh, India, Sri Lanka, Thailand Economic Cooperation). Myanmar joined the organization as a full member at a Special Ministerial Meeting held in Bangkok on 22 December 1997, upon which the name of the grouping was changed to BIMST-EC.
BIMSTEC provides a unique link between South Asia and Southeast Asia bringing together 1.3 billion people - 21 percent of the world population, a combined GDP of US $ 750 billion, and a considerable amount of complementarities. A study shows the potential of US $ 43 to US $ 59 billion trade creation under BIMSTEC FTA.
BIMSTEC covers 13 Priority Sectors lead by member countries in a voluntary manner; namely, Trade & Investment, Technology, Energy, Transport & Communication, Tourism, Fisheries, Agriculture, Cultural Co-operation, Environment and Disaster Management, Public Health, People-to-People Contact, Poverty Alleviation and Counter-Terrorism and Transnational Crimes
For more information: www.bimstec.org
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