The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a multilateral regional organisation aimed at promoting shared growth and cooperation among the littoral and adjacent countries of the Bay of Bengal region.
Statement 1 is correct.
BIMSTEC is a regional forum of seven member countries. It brings together five South Asian countries: Bangladesh, Bhutan, India, Nepal and Sri Lanka and two Southeast Asian countries—Myanmar and Thailand. The grouping seeks to act as a bridge between South Asia and Southeast Asia.
Statement 2 is incorrect.
BIMSTEC was originally formed as BIST-EC in June 1997 with the adoption of the Bangkok Declaration, not the Dhaka Declaration.
Statement 3 is incorrect.
The founding members of the organisation were Bangladesh, India, Sri Lanka and Thailand. Myanmar joined later in 1997, after which the grouping became BIMST-EC. The organisation was renamed BIMSTEC in 2004 following the accession of Nepal and Bhutan.
Statement 4 is incorrect.
BIMSTEC is a sector-driven organisation, where areas of cooperation are divided among member countries. After the 5th BIMSTEC Summit, cooperation was reorganised into seven priority pillars, each led by a member country.
India leads the Security pillar, which includes Counter-Terrorism and Transnational Crime, Disaster Management, and Energy Security.
The other pillars are led as follows:
Trade, Investment and Development (Bangladesh);
Environment and Climate Change (Bhutan);
People-to-People Contacts, including Tourism (Nepal);
Agriculture and Food Security (Myanmar);
Science, Technology and Innovation (Sri Lanka);
Connectivity (Thailand).