‘India will gain if the BIMSTEC free trade pact is implemented early’

Our Bureau New Delhi | Updated on January 17, 2018

The free trade agreement being negotiated by the seven-nation BIMSTEC — Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal — will help in elimination of non-tariff measures and give a big push to trade in the region, a recent study by an industry body has highlighted.

“BIMSTEC FTA may help activate production links among member countries and help in rationalising various non-tariff measures which would give a big push to regional trade and generate regional value chains. India should work closely with all members for its conclusion,” a study by Assocham on the opportunities and challenges of economic integration of BIMSTEC said.

Other recommendations to boost economic engagement include elimination of non-tariff barriers within a mutually agreed timeframe, reduction in negative list (prohibited imports) to unlock trade potential, introduction of transit facilities to promote effective intra-BIMSTEC trade, improvement in regional connectivity and introduction of a BIMSTEC visa to facilitate movement of people particularly for investors and businessmen.

Published on July 22, 2016

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor