SME Times is powered by   
Search News
Just in:   • Sensex ends 140 pts higher, VIX at 4 yr high  • Huawei's laptop removed from Microsoft store  • Brace for massive volatility on judgement day: Analysts  • 'Fairly robust' economic agenda awaits new Govt: N K Singh  • Naidu calls for equitable, people-centred sustainable development 
Last updated: 27 Sep, 2014  

BIMSTEC.9.Thmb.jpg BIMSTEC countries need to promote intra-regional trade

   Top Stories
» 'Fairly robust' economic agenda awaits new Govt: N K Singh
» Naidu calls for equitable, people-centred sustainable development
» 'India $80 bn in ten years due to natural disasters'
» Falling household savings challenge to new government: Experts
» Reduce interest rate, corporate tax, free up agriculture: Economist
SME Times News Bureau | 09 Mar, 2012
With a gloomy economic scenario worldwide, BIMSTEC countries should knock down trade barriers and evolve frameworks to promote intra-regional trade and investments in various sectors, various diplomats said recently.

India has the potential to take lead and provide a new meaning to the BIMSTEC engagement that has potential of generating trade worth 43 to 59 billion dollars under a proposed free trade agreement (FTA), they said at a conference organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

Ambassadors and trade officials from Sri Lanka, Bangladesh, Myanmar and Bhutan were present for the launch of ASSOCHAM manual listing an overview and key sectors of each BIMSTEC nation.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) brings together 1.3 billion people or 21 per cent of the world population, a combined GDP of two trillion dollars and a considerable amount of complementarities.

The sub-regional group comprises of India, Bangladesh, Sri Lanka, Thailand, Myanmar, Nepal and Bhutan. BIMSTEC has a trade negotiating committee which is
working on the list of goods regarding a framework agreement signed in 2004. An FTA is yet to be finalised.

“India is required to play a lead role by integrating trade and investments while promoting economic cooperation,” said chamber’s secretary general D.S. Rawat in his message. “The BIMSTEC member countries could jointly develop multi-sectoral infrastructure and technology.”

The regional grouping visualised as a bridging link between ASEAN and SAARC, and an important element in India’s Look East Policy. It adds a new dimension to the country’s economic cooperation with south-east Asian countries.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 23 May, 2019
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Can't say
  Commented Stories
» The Silk Road - A journey through history(1)
» Kokuyo Camlin to focus on notebook segment(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter