Key Points
Highlighting the immense potential for increased trade within the Bay of Bengal region, Indra Mani Pandey, the fourth Secretary General (SG) of BIMSTEC today urged member states of the BIMSTEC grouping to expedite the negotiation of a Free Trade Agreement (FTA)..
Addressing the inaugural BIMSTEC Business Summit, held in New Delhi on 6 August 2024, Pandey underscored the need for greater economic cooperation among the member countries...
Commending the Confederation of Indian Industry (CII) for organising the summit and the Indian government for its support, the SG emphasised the significance of such platforms in fostering business-to-business linkages..
The inter-regional trade amongst the BIMSTEC member states is quite low compared to, for example, interregional trade in other regions like ASEAN, Pandey observed, adding that there is a pressing need to overcome challenges hindering intra-regional trade growth...
In my view, the negotiation of the trade facilitation agreement and the agreement on cooperation and mutual assistance in customs matters should be delinked from the negotiation of other FTA constituent agreements and should be pursued separately in view of the contribution that these two agreements can make in enhancing intra regional trade," said Pandey at the event...
