Early conclusion of Bimstec FTA to help boost trade

India has sought for an early conclusion of the Bimstec Free Trade Agreement (FTA).

Prime Minister Manmohan Singh while inaugurating the Bay of Bengal Initiative for multi-sectoral technical and economic cooperation (Bimstec) in New Delhi said countries in Asia should give a new strategic thrust to the cooperation in the backdrop of global financial crisis.

Observing considerable progress has been made towards Bimstec Free Trade agreement for trade in goods, Singh said early conclusion of such an agreement would be a shining example of cooperation among the members.

Latha Reddy, ambassador of India to Thailand told

FE, ?A few ministerial level meetings have taken place amongst the member countries, and we are hoping to finalise the Bimstec FTA soon.? Infact, it is expected to be finalised soon and signed in 3-4 months, he added.

The Bimstec, comprising Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand, accounts for 21% of the world population. Despite this, intra-Bimstec trade is fairly low.