India pushes for consensus on BIMSTEC free trade pact.

New Delhi, October 14: India has said that it will work actively to get a consensus on signing of a free trade agreement (FTA) between the member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) to boost trade in goods and services in the region.

“A lot has been said about how we have not still signed an FTA. Yes, that is a concern and we shall work actively to get a consensus to have an FTA signed amongst the BIMSTEC countries,” Commerce Minister Nirmala Sitharaman said.

BIMSTEC members — which include Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal — signed a framework agreement on a FTA in 2004, but not much progress has been made in the area.

Sitharaman also called for greater buoyancy in implementation of projects in the BIMSTEC region. She said the complementarity of the region could be highlighted to close in on the agreements that are being discussed. Nepal’s Commerce Minister Romi Gauchan Thakali, urged that the special treatment given to least developed countries (LDCs) in the region be continued as it has definitely resulted in successful business exchanges.

Sithraman said that connectivity was a major problem that the region faced, pointing out that it was “shame’’ to move around in this (BIMSTEC) region. “… the Bay of Bengal links us, land routes link us, in spite of that it is so arduous,” she said.

The Minister also stressed on the need to boost sea and port connectivity to make movement of goods efficient, cost- effective and timely.

Source : thehindubusinessline.com