Financial Daily from THE HINDU group of publications
Thursday, Feb 05, 2004
Financial Daily from THE HINDU group of publications Thursday, Feb 05, 2004 |
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Industry & Economy
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Foreign Trade Cabinet okays signing of BIMST-EC pact Our Bureau
New Delhi , Feb. 4 AS part of India's `Look East' policy, the Union Cabinet on Wednesday approved the signing of the framework agreement on BIMST-EC (Bangladesh, India, Myanmar, Sri Lanka, Thailand Economic Cooperation) Free Trade Area. "The agreement will promote trade and economic cooperation among the member countries and give India greater market access in these countries," an official spokesperson said. The objective of the agreement is to progressively liberalise and promote trade in goods and services, as well as create a transparent, liberal and facilitative investment environment. The member countries have also agreed to negotiate expeditiously to establish a BIMST-EC FTA to strengthen and enhance economic cooperation, the spokesperson said. Further, the Cabinet also gave post facto approval for bilateral investment promotion and protection agreement with the Republic of Armenia. The agreement provides for extending National Treatment and Most Favoured Nation (MFN) Treatment to foreign investments and, in addition, MFN Treatment for investors. This will enable increasing investments between the two countries, the spokesperson said. The Cabinet also approved the signing of treaty between India and Thailand and India and Republic of Korea. These treaties relate to mutual legal assistance in criminal matters.
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