The correct option is I only. Statement I is accurate as BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is indeed a regional organization consisting of seven member states (Bangladesh, India, Myanmar, Sri Lanka, Thailand, Nepal, and Bhutan) as of January 2025. Statement II is incorrect—BIMSTEC was established in 1997 with the Bangkok Declaration, and the Dhaka Declaration came later in 2004. Statement III inaccurately states the founding members, as Bhutan is also a founding member, and IV is correct but generally considered outdated due to leadership roles potentially changing based on various summits and agreements. Understanding the foundational facts and membership details of regional organizations like BIMSTEC is crucial for the UPSC exam, as they often reflect the geopolitical dynamics in South Asia and Southeast Asia.