Seven Asian nations discuss economic cooperation
Seven Asian nations discuss economic cooperation
Parven Ahmed, Assciated Press, Dhaka, Bangladesh
A free trade agreement between seven South and Southeast Asian
nations could be in place by July 2006, a top Bangladeshi
diplomat said on Wednesday after a meeting of a regional economic
forum.
The trade group, known as BIMSTEC, was launched by Bangladesh,
Bhutan, India, Nepal, Myanmar, Sri Lanka and Thailand in 1997.
A framework agreement for a regional free trade zone was
signed in February and ongoing negotiations are likely to be
completed by December, Bangladesh's top foreign ministry
official, Hemayetuddin, told reporters in the Bangladesh capital,
Dhaka.
"We feel that it will come into effect on schedule" in July
2006, said Hemayetuddin, who uses one name. "The agreement will
take into account the needs of the developing countries."
BIMSTEC stands for the Bay of Bengal Initiative for Multi-
Sectoral Technical and Economic Cooperation.
Officials also agreed to look into ways to simplify travel and
visa rules for business people, Hemayetuddin said.
The FTA - involving trade in goods and services, as well as
investment - is likely to boost economic growth and strengthen
the global bargaining power of the southern Asian region that is
home to nearly 1.3 billion people, or nearly one-fifth of the
world's population.
"Our goal is to achieve better economic performance and
enhance our competitive edge in the world market," Bangladesh's
Foreign Minister M. Morshed Khan said on opening the meeting.
Delegates also called for cross-cultural exchanges and closer
cooperation in areas such as counterterrorism, tourism,
technology and transportation, as well as in combatting trans-
border crimes such as drug smuggling.
The officials also discussed exchanging weather information
and helping each other manage natural disasters, Hemayetuddin
said.
Three BIMSTEC members - Thailand, Sri Lanka and India - were
hardest hit by December's devastating tsunamis that struck 11
countries in the region. Two others - Myanmar and Bangladesh -
suffered only minor damage.
Meanwhile, Bangladesh, the group's current chair, plans to
host a ministerial meeting on poverty alleviation in 2006, he
said.