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 5^th BIMSTEC Summit held at Colombo, Sri Lanka on 30^th 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.

UPSC 2023 countdown has begun! Get your personal guidance plan now! (Click here)