The Daily Star

Bimstec sets December to seal FTA deal talks
Unb, Dhaka

Bimstec senior officials ended their meeting yesterday by setting a target to conclude the negotiations on a free trade area (FTA) deal by December and to execute the umbrella agreement in July next year to create a vast sub-regional trading bloc.

The 9th senior official-level meeting of seven-member economic grouping also agreed to introduce travel cards for businesspeople of the member countries--Bangladesh, Bhutan, India, Nepal, Myanmar, Sri Lanka and Thailand.

It decided to enhance cooperation in six priority areas--trade and investment, technology, tourism, transport and communications, energy and fisheries.

Foreign Secretary Hemayetuddin, who assumed the Bimstec chairmanship for next one year, told reporters that the meeting discussed the progresses made by the joint working group in counter-terrorism through intelligence sharing and combating trafficking in narcotics.

The joint working group will submit its report on the issue at the Bimstec foreign ministers meeting to be held in Dhaka in December.

He said a ministerial meeting on reduction of poverty will be held in Dhaka early 2006 while India will host the Bimstec summit in the later part of 2006.

They decided to hold a series of meetings on trade and economy and trade and commerce in September, and the 10th senior official meeting and 8th foreign ministers meeting in December 2005.

A decision was taken to enhance people-to-people contact through exchange of cultural and youth delegations and observe Bimstec tourism year 2005.

On FTA, Hemayet said the Bimstec Framework Agreement was signed last February, covering goods, services and investment. The technical committee made progress in negotiating the rules of origin and dispute-settlement issues.

He said the technical committee was asked to complete early the negotiations, taking into account the interest of LDCs within the Bimstec realm, which encompasses parts of South and Southeast Asia.

Bangladesh as the lead country placed report on trade and investment, India on transport, communications and tourism, Myanmar on energy, Sri Lanka on technology and Thailand on fisheries at yesterday's meeting.