PM Hasina emphasises implementing Free Trade Area among BIMSTEC members

Prime Minister Sheikh Hasina has emphasised the implementation of the Free Trade Area (FTA) initiative among BIMSTEC member countries in order to boost intra-regional trade.

She was speaking at the BIMSTEC Leaders’ Retreat in the Indian state of Goa on Sunday prior to the BRICS-BIMSTEC Outreach Summit.

Hasina said the failure to finalise FTA-related deals a decade after the start of the discussion on the issue have raised questions about the commitment of the leaders of the region to the issue.

"We need to reiterate our political will in favour of the FTA implementation. It will help to enhance our intra-regional trade and will boost BIMSTEC activities and programmes," she said.

The prime minister urged the leaders present in Goa to finally adopt the four FTA-related agreements during the 20th anniversary of BIMSTEC next year.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation involving a group of countries in South Asia and South East Asia.

They are Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.

Indian Prime Minister Narendra Modi welcomed the leaders of the BIMSTEC countries at the Retreat venue The Leela Goa hotel after they arrived. He shook hands with them and the leaders posed for group photos.

Before the Retreat, Hasina attended a ceremonial luncheon hosted by Goa's Chief Minister Laxmikant Parsekar.

The Prime Minister's Press Secretary Ihsanul Karim said the leaders of the BIMSTEC countries greeted Hasina during the lunch.

At the Retreat, Hasina said the BIMSTEC countries made "slow" progress in connecting South Asia and South East Asia after the formation of BIMSTEC around 20 years ago "but the groundwork has been done".

"It is now time to hasten the process of integration."

To improve the lives and livelihoods of the people of the region, she said, the BIMSTEC countries should aim to develop regional projects.

"This will effectively connect BIMSTEC to the people as well as ensure the organisation’s sustainability and visibility," Hasina continued.

She said time has come for the leaders to "seriously re-look at how we want BIMSTEC to be more effective and result-oriented as well as to draw synergies with other groupings".

She emphasised focusing on areas like trade and investment, energy, connectivity and counter-terrorism for next five years.

"Regular ministerial meetings on the key areas of cooperation are important for building momentum," she said.