BIMSTEC ministerial meet to implement FTA on schedule, fight terror
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BIMSTEC ministerial meet to implement FTA on schedule, fight terror
19 December 2005
Dhaka: The seven-nation Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation ministerial meet ended here today with a resolve to deepen economic integration by implementing FTA on schedule, relax visa rules and enhance cooperation in counter-terrorism and trans-nation crimes.
The eighth Bimstec ministerial meet decided to intensify efforts towards air transport liberalisation, inland waterways, short-sea shipping and highway and rail linkages, as may be agreed between and among the member-states.
The meeting decided to promote cooperation in poverty alleviation, tourism, energy, technology, agriculture and fisheries sectors.
A joint statement issued at the end of the one-day meeting stressed on the need for timely implementation of the Free Trade Area (FTA) deal on trade in goods on July 1, 2006 to increase intra-regional trade and investment.
Bangladesh Foreign Minister M Morshed Khan, addressing a post-meet press conference, hoped that Trade and Commerce Ministers of BIMSTEC countries are likely to sign the FTA deal in goods towards February next year provided the Kathmandu trade negotiations on December 21-27 concluded successfully.
’’We recognised the need for provision on Avoidance of Double Taxation to realise the objectives of the Free Trade Agreement. We called for considering steps beyond the BIMSTEC FTA and set a vision for deeper economic integration,’’ he said.
The joint statement said the meeting stressed fast-track trade-facilitation measures, including removal of non-tariff barriers, putting in place Mutual Recognition Agreement and arrangements for cooperation on conformity assessment, accreditation procedures and standards and technical regulations in keeping with provisions of Article 6 of Agreement on Trade in goods.
The meeting decided to create environment for rapid economic development through identification and implementation of specific projects on social and economic sectors in a time-bound manner.
