Answer:

Introduction:

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and the South Asian Association for Regional Cooperation (SAARC) are regional organizations that aim to promote economic, cultural, and political cooperation among their member states.

Body:

BIMSTEC and SAARC are parallel organizations in the South Asian region, focused on promoting cooperation and addressing regional issues. BIMSTEC emphasizes multi-sectoral technical and economic cooperation among its member countries, SAARC focuses on broader regional cooperation encompassing various sectors and promoting peace, stability, and development.

• Similarities between BIMSTEC and SAARC:
  • Geographical location: Both organizations are located in South Asia, with member countries sharing cultural, historical, and economic ties.
  • Objectives: Both organizations aim to promote regional cooperation and integration in various areas, including trade, investment, and infrastructure development.
  • Memberships: Both organizations have similar membership, with some countries being members of both.
• Differences between BIMSTEC and SAARC:
  • Membership: BIMSTEC comprises seven countries in South and Southeast Asia, while SAARC has eight member countries in South Asia only.
  • Focus: BIMSTEC focuses on trade and economic cooperation, connectivity, and energy, while SAARC has a broader focus on social and cultural issues, including poverty alleviation and gender equality.
  • Effectiveness: BIMSTEC has been more effective in achieving its objectives due to fewer political tensions and greater economic complementarity among member countries.
• India’s foreign policy objectives realized by forming BIMSTEC:
  • Reducing dependence on SAARC: With SAARC being marred by political tensions, India formed BIMSTEC to promote regional cooperation in a more effective manner.
  • Economic integration: India aims to promote economic integration among member countries, which can contribute to India’s economic growth and strengthen regional stability.
  • Countering China’s influence: India’s efforts to strengthen BIMSTEC can be seen as a way to counter China’s influence in the region and maintain its strategic interests.

Conclusion:

BIMSTEC and SAARC are both important regional organizations that serve different purposes and face different challenges. While BIMSTEC may be seen as a parallel organization to SAARC in some respects, it offers unique opportunities for regional cooperation and economic integration. For India, BIMSTEC provides a platform to pursue its foreign policy objectives in the region and strengthen its ties with other member states.