Consider the following statements 1. BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is visualized as a bridging link between ASEAN and SAARC. 2. It was formerly known as the Bangkok Agreement. Which of the statements given above is/ are correct ?

Statement 1 is correct as BIMSTEC is widely recognized as a unique link connecting South Asia with South-East Asia, effectively bridging members of SAARC (Bangladesh, Bhutan, India, Nepal, Sri Lanka) and ASEAN (Myanmar, Thailand) [t2][t9][t10]. It serves as a platform for intra-regional collaboration between these two major blocs [t9]. Statement 2 is incorrect because BIMSTEC was established via the 'Bangkok Declaration' in 1997, not the 'Bangkok Agreement' [t1][t2][t5]. The Bangkok Agreement, signed in 1975, is the former name of the Asia-Pacific Trade Agreement (APTA), which is a separate preferential trade arrangement involving countries like China and South Korea [c1]. BIMSTEC was originally known as BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation) before evolving into its current form after the inclusion of Myanmar, Nepal, and Bhutan [t2][t4][t8].

Sources

1. [1] https://www.mea.gov.in/Portal/ForeignRelation/India-BIMSTE-2025.pdf
2. [2] https://mofa.gov.np/pages/nepal-and-bimstech-6/
3. [3] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 18: International Economic Institutions > 2 Asia-Pacific Trade Agreement (APTA) > p. 551