The heads of BIMSTEC countries have directed its trade negotiating committee to finalise the process of setting up a free trade zone (FTZ) by 2014.
Published : 04 Mar 2014, 07:13 PM
The member states had agreed in 2004 on creating the FTZ connecting South East Asia (Thailand and Myanmar) and South Asia (Bangladesh, Bhutan, India, Nepal, and Sri Lanka), but its implementation had been delayed.
The decision to establish the FTZ was given a new thrust in the joint declaration of the third BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) summit held in Myanmar capital Nay Pyi Taw on Tuesday
Heads of governments of Bangladesh, India, Bhutan, Nepal, Myanmar and Sri Lanka, and a special envoy of the Prime Minister of Thailand joined the two-day summit that ended with a call to achieve collective prosperity for the seven nations straddling South and Southeast Asia.
They recognised the “close relationship and deepening engagements” among them, given the geographical proximity as well as the rich historical linkages and cultural heritage.
The BIMSTEC had earlier pointed out 14 areas of regional cooperation and development, including trade and investment, technology, energy, communication, tourism, fisheries, agriculture, cultural cooperation, environment and disaster management, public health, poverty alleviation, transnational crimes, and climate change.
The government heads decided to accelerate efforts for the early finalization of the Memorandum of Association on the Establishment of BIMSTEC Technology Transfer Facility.
They also agreed on greater cooperation in the health sector, including in the area of traditional medicine, and “to intensify our efforts to promote activities of the BIMSTEC Network of National Centres of Coordination in traditional medicine”.
In addition, the leaders reached agreement on implementing the Poverty Plan of Action adopted at the second BIMSTEC Ministerial Meeting in Jan 2012 in Nepal. They also welcomed the Sri Lankan offer to host the Third Ministerial Meeting on Poverty Alleviation during the first half of this year.
This year’s summit saw the establishment of a permanent secretariat in Bangladesh, which will begin its formal activities in May.
Sumith Nakandala of Sri Lanka has been appointed the organisation’s first secretary general.