Bangladesh urged the Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation (Bimstec) countries to show more flexibility in addressing concerns of all member-countries to ensure equitable trade under the Free Trade Area (FTA) agreement.
Thailand yesterday dismissed news reports that political problems at home had delayed negotiations on free-trade agreements (FTAs) among members of the regional Bimstec trade bloc.
The sagging negotiations on the proposed BIMSTEC Free Trade Area (FTA) agreement are likely to get momentum after a new government is installed in Thailand through October 18 elections, the Thai foreign minister said in the city Sunday, report agencies.
The Bay of Bengal for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), a regional trading bloc of seven South and Southeast Asian countries, is giving final shape to its free trade agreement in Colombo this week.
BIMSTEC, an economic bloc consisting seven South and Southeast Asian countries, is resuming trade negotiations next week in order to finalize the bloc’s free trade agreement (FTA) and propose a new date for its enforcement.
BIMSTEC, a bloc of seven countries from South and Southeast Asia, is all set to miss the date of implementing free trade accord, as differences on terms of trade is still wide and members have been failing to convene to discuss those.
The member countries of the BIMSTEC and South Asian Free Trade Area may not be able to meet the July 1 deadline for implementation of the pact mainly due to different degrees of opposition from Thailand, India and Sri Lanka.
Dhaka is likely to provide 522 products of three least developed countries (LDCs) of Bimstec with duty-free access between June 2006 and June 2009. The country may also provide the same products of three other developing countries of the seven-nation bloc with duty-free access from June 2011.
The seven BIMSTEC member countries failed to agree on rules of origin criteria and other outstanding issues, which left text of FTA accord on trade in goods undecided in Bangkok this week.
The BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) free trade agreement is expected to come into force from July 1 this year, the Bangladesh Parliament was told Sunday.
The proposed India-Bimstec (Bangladesh, India, Myanmar, Sri Lanka, Nepal and Bhutan) free trade agreement to be implemented from July 1 2006 has to cross one last hurdle.
Trade Negotiation Committee has finalized rules for settling disputes in BIMSTEC free trade agreement. It has, however, failed to converge on the percentage of value addition for rules of origin.
Apart from a few issues that remain to be ironed out the seven-nation Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) regional grouping is all set to implement the Free Trade Agreement (FTA) among the member countries by July 2006 as scheduled.
The tenth meeting of the BIMSTEC Trade Negotiation Committee (TNC) began here in the capital today.
As a new sub-regional group, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is making its presence felt in this part of the world.
Trade officials from seven South and Southeast Asian countries are convening in the capital from Wednesday for the 10th BIMSTEC Trade Negotiation Committee (TNC) meeting to finalize a free trade accord on trade in goods.
A free trade pact between seven South and Southeast Asia nations was likely to be in place by July 2006, Bangladesh’s foreign minister said Monday after a meeting of a regional economic forum.
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.
BIMSTEC (Bangladesh-India-Myanmar-Sri Lanka-Thailand Economic Co-operation) Trade Ministers will sign a free-trade deal on goods at their Dhaka meet early next year.
Like SAARC, the South and Southeast Asian BIMSTEC has also become another seven-nation grouping with the inclusion of Bhutan and Nepal in the first BIMSTEC Bangkok summit in 2004 and its 8th ministerial meeting will now take place in Dhaka on 19 December.