The Union Cabinet chaired by the PM has approved a Memorandum of Association (MoA) by India for the establishment of the BIMSTEC Technology Transfer Facility (TTF).
What is BIMSTEC?
- The BIMSTEC formed in 1997 is an international organisation of seven South Asian and Southeast Asian nations, housing 1.73 billion people and having a combined gross domestic product of $3.8 trillion (2021).
- The BIMSTEC member states – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand – are among the countries dependent on the Bay of Bengal.
- Leadership is rotated in alphabetical order of country names. The permanent secretariat is in Dhaka, Bangladesh.
- A BIMSTEC free trade agreement is under negotiation (c. 2018), also referred to as the mini SAARC.
What is BIMSTEC TTF?
- The agreement was signed by the BIMSTEC member countries at the 5th BIMSTEC Summit held at Colombo, Sri Lanka on 30th March, 2022.
- The main objectives of the BIMSTEC TTF are to coordinate, facilitate and strengthen cooperation in technology transfer among the BIMSTEC Member States.
- It aims to promote the transfer of technologies, sharing of experiences and capacity building.
- The TTF shall have a Governing Board and the overall control of activities of the TTF shall be vested in the Governing Board.
- The Governing Board shall consist of one nominee from each Member State.
Expected outcomes
The expected outcomes of the BIMSTEC TTF are:
- Databank of technologies available in BIMSTEC Countries,
- Repository of information on good practices in the areas of technology transfer management, standards, accreditation, metrology, testing and calibration facilities,
- Capacity building, sharing of experiences and good practices in development, and
- Transfer and use of technologies among BIMSTEC countries.
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