BIMSTEC to Finalize Motors Vehicle and Coastal Shipping Agreements Soon

15 September 2017

At the sidelines of BIMSTEC Expo 2017, on 15 September 2017 in Kolkata, India, Mr. Prashant Agrawal, Indian Ministry of External Affairs' Joint Secretary, Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and South Asian Association for Regional Cooperation (SAARC), said BIMSTEC nations are likely to finalize motor vehicle and coastal shipping agreements soon. He noted that all the frameworks on a coastal shipping framework are being negotiated with the expectation they will be completed in the coming months.

BIMSTEC member countries—comprising Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand—are negotiating framework agreements in regional cooperation in 14 areas, including trade, transport, energy, climate change, and poverty alleviation. The Joint secretary noted that the framework for the BIMSTEC Free Trade Agreement was already in place but specific schedules are to be finalized, and that the trade negotiating committee has been meeting to finalize schedules on goods and services.


Related Links:

ADB Country Partnership Strategy to Accelerate India’s Economic Transition

The Asian Development Bank (ADB) endorsed a new India Country Partnership Strategy (CPS) 2018-2022 that...

ADB Blog: What Multimodal Parks Can Do for Logistics in India

The Asian Development Bank (ADB) is currently conducting a pre-feasibility study to gauge the suitability of four multi-modal...

Commentary: Boosting Business in the Bangladesh Corridor

This commentary by Mr. Sanjay Kathuria, Lead Economist and Coordinator, South Asia Regional Integration, World Bank Trade and...

Trade Facilitation Center for Handicrafts Inaugurated in Varanasi

India Prime Minister Narendra Modi inaugurated the Deendayal Hastkala Sankul, a trade facilitation center for handicrafts, at the...

Freight Train Service to Run for Dhaka-Kolkata

In an effort to increase bilateral trade between Bangladesh and India – currently running at about $6 billion...

BIMSTEC to Finalize MVA and Coastal Shipping Agreement

At the sidelines of BIMSTEC Expo 2017, on 15 September 2017 in Kolkata, India, Mr. Prashant Agrawal, Indian...

ADB Vice President: RCI Can Help Bhutan Develop Full Potential

Mr. Wencai Zhang, Vice President, Asian Development Bank (ADB), encouraged the active participation of Bhutan in regional cooperation...