The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, or BIMSTEC, groups together Bangladesh, Bhutan, Burma, India, Nepal, Sri Lanka and Thailand. The seven-country forum aims to achieve its own free trade area by 2017.
last update: May 2012
The ninth ministerial meet of the BIMSTEC failed to announce the date for implementing the already agreed upon free trade agreement.
Minister for Finance Dr. Ram Sharan Mahat led the Nepalese delegation to the Ninth BIMSTEC Ministerial Meeting held in New Delhi today.
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.
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.