https://sputniknews.in/20250405/bimstec-leaders-keen-on-concluding-early-free-trade-agreement-sg-8948273.html
BIMSTEC Leaders Keen on Concluding Early Free Trade Agreement: SG
BIMSTEC Leaders Keen on Concluding Early Free Trade Agreement: SG
Sputnik India
The seven-nation BIMSTEC grouping, which concluded a leaders summit in Bangkok on Friday, is looking for an early conclusion of a free trade agreement (FTA)... 05.04.2025, Sputnik India
2025-04-05T11:49+0530
2025-04-05T11:49+0530
2025-04-05T11:50+0530
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There is a "strong desire" among all BIMSTEC member states to conclude an early FTA, Secretary-General Indra Mani Pandey told Sputnik India after the conclusion of the leaders' meeting in Bangkok on Friday.The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) comprises five countries from South Asia — India, Sri Lanka, Nepal, Bhutan and Bangladesh and two from Southeast Asia — Myanmar and Thailand. The recent meeting in Bangkok was the first time the leaders from seven countries met in person since the Summit in Kathmandu in 2018.Pandey noted that the framework agreement on an FTA was signed in 2004.The Secretary-General further remarked that there are chances that one FTA track could reach a deal sooner than others.One of the biggest markets in the world, the BIMSTEC countries account for around 22% of the global population and have a combined Gross Domestic Product (GDP) of $5 trillion.At the recent Summit, BIMSTEC leaders backed the further expansion of trade and connectivity in the Bay of Bengal region, signing a Maritime Transport Agreement (MTA) among others.
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BIMSTEC Leaders Keen on Concluding Early Free Trade Agreement: SG
11:49 05.04.2025 (Updated: 11:50 05.04.2025) The seven-nation BIMSTEC grouping, which concluded a leaders summit in Bangkok on Friday, is looking for an early conclusion of a free trade agreement (FTA) among member states, the organisation's Secretary-General (SG) told Sputnik India in an interview.
There is a "strong desire" among all BIMSTEC member states to conclude an early FTA, Secretary-General Indra Mani Pandey told Sputnik India after the conclusion of the leaders' meeting in Bangkok on Friday.
"The leaders would like to see more progress... We are hopeful of making progress," Pandey said.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) comprises five countries from South Asia — India, Sri Lanka, Nepal, Bhutan and Bangladesh and two from Southeast Asia — Myanmar and Thailand. The recent meeting in Bangkok was the first time the
leaders from seven countries met in person since the Summit in Kathmandu in 2018.
Pandey noted that the framework agreement on an FTA was signed in 2004.
"A trade negotiations committee began after committees were set-up. There are six working groups under those committees to negotiate six specific aspects of the FTA. For instance, there are goods, an FTA in services, investments, trade facilitation, customs cooperation and legal dimensions," explained Pandey, who is a senior Indian diplomat heading the BIMSTEC Secretariat in Dhaka.
"These working groups have been meeting separately. They have been making progress. But, the progress is yet to reach the stage where we could conclude the agreement," Pandey said.
The Secretary-General further remarked that there are chances that one FTA track could reach a deal sooner than others.
"For example, the track on trade facilitation could reach a deal sooner than the one on goods or services," he said.
One of the biggest markets in the world, the BIMSTEC countries account for around 22% of the global population and have a combined Gross Domestic Product (GDP) of $5 trillion.
At the recent Summit, BIMSTEC leaders backed the further expansion of trade and connectivity in the Bay of Bengal region, signing a Maritime Transport Agreement (MTA) among others.
"The Maritime Transport Agreement will be an important factor in enhancing connectivity in our region," Pandey said.
