Policy Brief on BIMSTEC Appraisal through Governance Lens
Citation: Raihan, S., Sharmin, E., (2024). BIMSTEC Appraisal through Governance Lens. SANEM Publications. Dhaka.
BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is a regional organization founded in 1997, comprising seven member states: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. This organization seeks to foster multifaceted technical and economic cooperation among its members, which together represent a population of around 1.5 billion people and a combined GDP exceeding USD 3.8 trillion. However, the success of regional cooperation—both within BIMSTEC and in broader contexts—is inherently linked to the governance structures of the member countries, among other factors.
Governance refers to the frameworks, processes, and practices through which governments, institutions, or organizations are directed, managed, and controlled. It includes the mechanisms through which stakeholders articulate their interests, exercise their rights, fulfill their obligations, and resolve conflicts. Effective governance is characterized by principles such as accountability, transparency, participation, and the rule of law. These principles are crucial for ensuring that institutions serve the public interest and maintain the trust of citizens. The Worldwide Governance Indicators (WGI), a comprehensive research project by the World Bank, provides cross-country governance indicators across six key dimensions, covering over 200 countries and territories since 1996.
