ISDS Case Map
BIMSTEC
Bangladesh-India-Myanmar-Sri Lanka-Thailand (plus Bhutan and Nepal) Economic Cooperation
Thailand has proposed the creation of a BIMSTEC Free Trade Agreement to enhance intra-regional trade, and strengthen the economies of countries in the regional group.
Bhutan’s foreign minister highlighted the urgent need for an FTA at the 3rd BIMSTEC Dialogue in Bangkok, hours before Trump announced new US tariffs.
Foreign Secretary Md Jashim Uddin urged all the BIMSTEC member states to extend their full cooperation to ensure timely finalization of six fundamental agreements on trade.
The upcoming Bimstec summit in Bangkok, held from April 2-4, aims to establish a maritime transport agreement to enhance trade between India, Myanmar, and Thailand. The summit will also focus on finalizing the long-pending free trade agreement to boost intra-regional trade.
Dhaka has called upon the BIMSTEC to expedite the process for finalizing the necessary instruments for early implementation of the Free Trade Agreement among the member states.
India’s commerce and industry minister Piyush Goyal suggested that the seven-nation group work on a preferential trade agreement before eventually signing a free trade agreement.
Free Trade Agreement among the BIMSTEC countries is at the final stage of formulation, the secretary general Tenzin Lekphell said.
Leaders of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation or BIMSTEC have promised to make a “peaceful and prosperous” Bay of Bengal region on the 22 years of inception of this grouping of seven countries.
Newly appointed external affairs minister S Jaishankar on Thursday rued the fact that South Asia is among the least inter-connected regions in the world, but efforts are being made to make the region more integrated. Referring to BIMSTEC, which connects South Asia with Southeast Asia, Jaishankar said that India has strong synergy with other BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) states.
While India has tactfully used the platform to diplomatically isolate Pakistan, it must also tap into BIMSTEC's immense potential for development, connectivity and trade in the region.
