The Gulf also has a large amount of undeveloped natural resources. Every year, a quarter of the world’s traded goods cross the Gulf.
BIMSTEC Hosted By Sri Lanka
03 April 2021 Current Affairs:The 17th BIMSTEC (Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation) Ministerial Conference hosted by Sri Lanka has been held. The meeting attracted the participation of all seven member states, including Myanmar, and the country witnessed a massive suppression of anti-military demonstrators.
♦ In order to integrate the region, the organization was established in 1997, initially formed with Bangladesh, India, Sri Lanka and Thailand, and later included Myanmar, Nepal and Bhutan.
♦ BIMSTEC currently includes five countries in South Asia and two countries in ASEAN, and is a bridge between South Asia and Southeast Asia.
♦ It includes all major countries in South Asia, except for the Maldives, Afghanistan and Pakistan.
Matters related to region:
♦ One-fifth (22%) of the world’s population lives in the surrounding seven countries, and their GDP totals close to US$2.7 trillion.
♦ The Gulf also has a large amount of undeveloped natural resources. Every year, a quarter of the world’s traded goods cross the Gulf.