Kolkata, Jun 15 (PTI) As the free trade area framework under the BIMSTEC is progressing “slowly”, members of the seven-country bloc are now considering certain components of it, such as trade facilitation and mutual assistance on customs matters, to finalise and proceed for implementation, a top official of the regional organisation said here on Thursday.
Member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) had in 2004 agreed to establish the free trade area framework agreement in order to stimulate trade and investment but some components of it are “still under negotiations and incomplete”, BIMSTEC Secretariat Secretary General Tenzin Lekphell said.
“The progress of BIMSTEC FTA, to be fair, is very slow. Realising the long delay, member states are now considering completing those components that are almost being finalised to proceed with implementation instead of waiting for the finalisation of the entire FTA,” he said.
Addressing the BIMSTEC Business Conclave organised by the Indian Chamber of Commerce here, he said, the secretariat hopes that three components, agreements on trade in goods, trade facilitation and cooperation and mutual assistance in customs matters, will be finalised in the next BIMSTEC trade negotiating committee meeting as proposed by Bangladesh later this year.
Founded in 1997, the BIMSTEC consists of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
Speaking on the occasion, Union Minister of State for External Affairs and Education, Rajkumar Ranjan Singh, said, “We believe that member countries will create enable environment for more intra BIMSTEC trade and also an environment that leads to more regional value chain.” A resolution to transform the bloc of the seven countries into a resilient and prosperous regional organisation is expected to be adopted in the sixth summit of BIMSTEC to be held in November this year in Thailand’s capital Bangkok, Lekphell said.
BIMSTEC members have approved an agreement on maritime transport cooperation which has the potential to open up new business opportunities in the Bay of Bengal.
“This is expected to be signed in the summit later this year,” he said. Lekphell also stated that the BIMSTEC motor vehicle agreement would be finalised soon at a concerned working group meeting to be held in India later this year.
Asserting that improvement in connectivity among member countries is important for fostering trade, he said the BIMSTEC master plan on transport connectivity was adopted in 2022.
Speaking at the programme, Bangladesh Deputy High Commissioner in Kolkata, Andalib Elias, said the country believed in the power of connectivity and people-to-people contact.
“Bangladesh has already expressed its interest to join the India–Myanmar–Thailand Trilateral Highway project to enhance connectivity in the region and facilitate trade,” he added. PTI BDC NN NN
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