Dhaka finalising BIMSTEC framework deal for FTA

 A Free Trade Area (FTA) framework agreement of the BIMSTEC is likely to be finalised for signing during its next summit for facilitating trade and investment in South Asia and South East Asian countries.
 Bangladesh, being the lead country on trade and investment areas, has been working to finalise the deal to be placed in the BIMSTEC (Bay of Bengal Initiative for Multi-sectoral and Economic Cooperation) summit to be held in Nepal this year.
Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal are members of the BIMSTEC.
"We are hopeful to make the draft of the free trade agreement ready before the next summit," said an official of the Ministry of Foreign Affairs.
 He said negotiation in this connection has almost been completed. Two or three more meetings of the trade negotiation committee (TNC) will be needed to finalise it, he added.

 The BIMSTEC member-countries agreed to approve the Free Trade Area framework agreement in order to stimulate trade and investment in the region and attract outsiders to trade with and invest in the region at a higher level.
All members, barring Bangladesh because of domestic procedure, had become signatories to the framework agreement at the 6th ministerial meeting. The country later joined the agreement in June 2004 and started negotiation on trade in goods and services, investment, economic cooperation, trade facilitations as well as technical assistance for least developed countries (LDCs).
The TNC held so far 19 meetings to remove disparities/differences among the member-countries and the next meeting is planned to be held in Dhaka on April 21.
 Sources said as the BIMSTEC members are to celebrate its 20th founding anniversary, launching of free trade area framework is considered a significant development in the regional forum of South Asia nd South East Asia.
 The performance of BIMSTEC was not satisfactory although it was established in 1997 with a commitement to work on 14 areas,.
 The ministerial meeting of BIMSTEC was held regularly but a summit was held for third time. Date of the fourth summit is yet to be announced.
However, the BRIC-BIMSTEC meet held in Goa of India in last October made some progress.
Bangladesh, which hosts the BIMSTEC Secretariat in Dhaka, will organise a number of conferences on maritime affairs, blue economy etc.
A meeting of senior officials was held in February last.
     smunima@yahoo.com