Which of the following statement(s) is/are correct about the ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’?
1. Originally, the BIMSTEC was formed as BIST-EC with four countries i.e. Bangladesh, India, Sri Lanka and Thailand (Economic Cooperation).
2. With the admission of Myanmar, the BIMSTEC was completed in the year 1997 and since then the grouping has five member states known as BIMSTEC together.
3. BIMSTEC member states have signed a ‘Free Trade Agreement’ between themselves in the year 2018 to allow trade of professionals and duty cuts on traded goods.
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