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Fast Tracking BIMSTEC Free Trade Agreement

  • 08 Aug 2024
  • 1 min read

Source: PIB

The Indian Minister of Commerce & Industry called for faster negotiations of the BIMSTEC Free Trade Agreement (FTA) at the BIMSTEC Business Summit in New Delhi.

  • He called for a preferential trade agreement to begin with to foster intra-regional trade and investment and enhance regional competitiveness.
  • India’s total trade with BIMSTEC countries amounted to USD 44.32 billion in 2023-24.
    • Thailand was India’s largest trading partner within the bloc, with exports worth USD 5.04 billion and imports at USD 9.91 billion.
    • Bangladesh followed, with exports of USD 11.06 billion and imports of USD 1.84 billion, creating a trade balance of USD9.22 billion in India’s favour.

BIMSTEC Free Trade Agreement (FTA):

  • It was signed in February 2004.
  • It includes provision for negotiation of FTA on goods, services, investment and economic cooperation amongst the member countries.
  • BIMSTEC countries constituted the Trade Negotiating Committee to carry forward the negotiations in accordance with the Framework
    Agreement.

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