BIMSTEC summit in Nepal: 10 things to know

*Ahead of his departure for Nepal to attend BISMTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) summit, PM Narendra Modi on Wednesday said that his participation at the event symbolises the priority India accords to deepening ties with India's extended neighbourhood in Southeast Asia.

Live updates: PM Modi in Kathmandu for BIMSTEC Summit

* Nepal's PM K P Oli said that the summit will be very much fruitful in facing challenges posed by global warming, achieve sustainable development goals, and expanding connectivity to ease movement among the people of BIMSTEC-member states and enhance cooperation.

*The theme of the fourth BIMSTEC summit is 'Towards a Peaceful, Prosperous and Sustainable Bay of Bengal Region'.

* Though BIMSTEC has 14 priority sectors, this summit has integrated two more priority sectors - Blue Economy and Mountain Economy.

*A BIMSTEC free trade agreement (FTA) is under negotiation along with a customs cooperation agreement and a motor vehicles agreement.

*Bimstec came into existence on June 6, 1997, through the Bangkok Declaration. The main objective of Bimstec is technical and economic cooperation among South Asian and Southeast Asian countries along the rim of the Bay of Bengal.

*Bimstec is important for India in terms of New Delhi's Act East Policy and Neighbourhood First Policy, with northeastern India acting as a bridge between South Asia and Southeast Asia.

*India is the lead country for cooperation in four priority areas: counter-terrorism and transnational crime, transport and communication, tourism and environment, and disaster management.

*It comprises seven countries lying in the littoral and adjacent areas of the Bay of Bengal - Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. The bloc brings together 1.5 billion people, or 21 per cent of the world's population, and has a combined GDP of $2.5 trillion.

*With the South Asian Association for Regional Cooperation (SAARC) virtually rendered ineffective as a bloc, largely due to non-cooperation on the part of Pakistan on issues like connectivity and counter-terrorism, India has been giving more importance to Bimstec in recent times.

(With inputs from agencies)