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Global crunch to dominate the second BIMSTEC meet

New Delhi, Thu, 13 Nov 2008 Vikash Ranjan

The global financial crunch and its direct or indirect impact on the developing countries is likely to dominate the one-day second summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) being held Thursday in New Delhi.


The seven members group—Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal—are also expected to find out the ways to enhance trade and connectivity during the daylong meet.

The progress made towards the Free Trade Agreement (FTA), which is in the pipeline among the member countries, will also be reviewed.

A framework agreement for the FTA was signed at the first summit in 2004. The Trade Negotiating Committee (TNC) formed to work out for the modalities of FTA is now working on the list of goods to be covered under FTA. A study conducted in this area shows the potential of US$ 43 to 59 billion trade creation under FTA. Current trade among BIMSTEC countries is estimated to be US$ 20 billion.

In addition, the other areas to be featured prominently include counter-terrorism, trans-national crimes, tourism, fisheries and public health.

At the BIMSTEC Business Summit 2008 organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Federation of Indian Chambers of Commerce and Industry (FICCI) and Confederation of Indian Industry (CII) on Wednesday, thirteen priority sectors have been identified for mutual cooperation amongst the BIMSTEC.

These are: trade & investment, technology, energy, transport and communication, tourism, fisheries, agriculture, cultural co-operation, environment and disaster management, public health, people-to-people contact, poverty alleviation and counter-terrorism and transnational crimes.

In 1999 only six areas of cooperation were outlined.

On Wednesday, foreign ministers of the member countries met in New Delhi to set the agenda for the one-day summit.

Nepalese Prime Minister Pushpa Kamal Dahal 'Prachanda', Sri Lankan President Mahinda Rajapaksa, Bangladesh's Chief Adviser Fakhruddin Ahmed, Myanmar Prime Minister Thein Sein, Bhutanese Prime Minister Jigmi Y Thinley and Thai Premier Somchai Wangsawat arrived on Wednesday to participate in the summit.

BIMSTEC

Today’s BIMSTEC saw the gradual development since June 6, 1997 when it was formed with only four countries—Bangladesh, India, Sri Lanka, and Thailand under the name of BISTEC.

Myanmar attended the inaugural June 1997 meeting as an observer was later in the same year given the full membership and the name of the grouping was changed to BIMSTEC.

Nepal and Bhutan were awarded the full membership in 2004 and its first summit was held on July 31, 2004 in Thailand.

As against the ASEAN with the ‘Look East’ policy of India and South Africa, BIMSTEC was initiated with the ‘Look West’ policy of Thailand with the aim to create an enabling environment for rapid economic development, accelerate social progress in the sub-region, promote active collaboration, and mutual assistance on matters of common interest.


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