Fast Tracking BIMSTEC Free Trade Agreement | 08 Aug 2024
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.
