Leaders of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation or BIMSTEC have promised to make a “peaceful and prosperous” Bay of Bengal region on the 22 years of inception of this grouping of seven countries.
Newly appointed external affairs minister S Jaishankar on Thursday rued the fact that South Asia is among the least inter-connected regions in the world, but efforts are being made to make the region more integrated. Referring to BIMSTEC, which connects South Asia with Southeast Asia, Jaishankar said that India has strong synergy with other BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) states.
While India has tactfully used the platform to diplomatically isolate Pakistan, it must also tap into BIMSTEC’s immense potential for development, connectivity and trade in the region.
Prime Minister Narendra Modi will head to Kathmandu to attend the fourth summit meeting of BIMSTEC (Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation) on August 30 and 31.
The Bimstec member nations include Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal. The summit is scheduled to be held in Kathmandu on August 30-31, 2018.
The seven-nation bloc BIMSTEC today called for specific steps and greater political commitment to conclude negotiations expeditiously for a free trade agreement.
The 18th session of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Senior Officials’ meeting has underlined the need of early finalisation of BIMSTEC free trade area agreement.
The 15th BIMSTEC ministerial meeting is going be held in Kathmandu on 11 August.
Difference between India and Thailand over market access is one of the main reasons why the FTA under BIMSTEC remained stalled during last couple of years.
India should work closely with BIMSTEC, a seven-nation grouping, to conclude trade negotiations and attempt early operationalising of the Bay of Bengal free trade agreement to give a big push to trade in the region, industry body Assocham said.
Softening its earlier stand, India has decided to conclude a low-ambition free trade agreement with the seven-nation grouping Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, or Bimstec.
Members of the Trade Negotiating Committee of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), a regional bloc of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand, are going to meet in Bangkok between 7-9, September 2015, for working on a functional Free Trade Agreement (FTA) among member countries.
Bangladesh hopes that the much-expected BIMSTEC FTA (between Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand) will be finalised this year.
Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’s lack of concrete achievement points to the need for greater political will and clarity of purpose
Urging the seven-member BIMSTEC grouping to fast-track trade and economic cooperation, Prime Minister Manmohan Singh on Tuesday called for “early conclusion” of the BIMSTEC Free Trade Agreement and said it should be extended to investment and services.
BIMSTEC leaders today resolved to expeditiously conclude an agreement on trade in goods to promote commerce among member nations India, Bangladesh, Sri Lanka, Thailand, Myanmar, Bhutan and Nepal.
The idea of a Mekong-India Economic Corridor — a network of land and sea infrastructure connecting India, Cambodia, Laos, Myanmar, Thailand and Vietnam — is gaining traction with the upcoming signing of the India-ASEAN services and investment deal.
The long forgotten traditional links including the historic Stilwell Road connecting the North-east and the neighbouring countries have emerged as critical to connecting South Asia and Southeast Asia.
New Delhi/India today extended a $ 500 million line of credit to the Government of Myanmar as the two countries signed 12 agreements for cooperation in various areas and agreed on a vision for the future in the pursuit of the common good - bilaterally, regionally and globally.
India has traditionally looked West for trade, investment, and economic cooperation. But since the late 1990s, trade policy rightly focused on the Look East policy, and recognized that India needs to become integrated into the cross-border production and trade networks in Asia. The immediate attention was towards South Asian integration. But since the South Asian Association for Regional Cooperation and the South Asian Free Trade Area remained just on paper on account of the yet unresolved differences between India and Pakistan, the government simultaneously initiated trade agreements with Southeast Asia.