It was agreed upon during the first meeting of national security chiefs of BIMSTEC, which has India, Bangladesh, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal as members.
The meeting decided to establish a Track 1.5 BIMSTEC Security Dialogue Forum among the strategic community, an External Affairs Ministry release said.
BIMSTEC states were also invited for a conference on counter radicalisation to be hosted by India, it said. The meet is expected to take place in June.
"Given that terrorism continues to remain the single most significant threat to peace and stability in the Bay of Bengal region, the meeting recognised the need for urgent measures to counter and prevent the spread of terrorism, violent extremism and radicalisation.
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"And decided to take concrete measures to enhance cooperation and coordination among their law enforcement, intelligence and security organisations and enhance capacity building," it said.
The meeting underscored the importance of recognising the Bay of Bengal as common security space and agreed to work out collective strategies for common responses, the release said.
Concerned over the emerging trends in cyber space that have security implications, the meeting decided to deepen cooperation among the respective cyber institutions through a Joint Forum on cyber security.
Emphasising the importance of maritime security in view of the significance of the Bay of Bengal for the well-being, prosperity, security and socio-economic development in the BIMSTEC countries, the meeting decided to examine ways to further strengthen maritime security cooperation, including Humanitarian Assistance and Disaster Relief (HADR).
It was decided that BIMSTEC national security chiefs/advisers will oversee implementation of their work.
In view of the inter-linkages between the Himalayan and the Bay of Bengal ecological systems, the meeting considered setting up of a BIMSTEC Himalayan Science Council to bring together scientific institutions to study the health of the ecological systems and their impact on human security.
India made an offer of 100 scholarships towards capacity building in security related sectors.