BIMST-EC POTENTIAL TO BECOME REGIONAL GROUPING OF ECONOMIC BENEFITS STRESSED

The BIMST-EC – regional grouping of Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation – has the potential to become a regional association of some economic benefit, particularly if the objective of developing BIMST-EC as a Free Trade Area with a Preferential Trading Arrangement (PTA) as an intermediate stage, becomes a reality, Shri Omar Abdullah, Minister of State for commerce&Industry, said in a statement on behalf of the Government of India at the Third BIMST-EC Trade & Economic Ministers’ Meeting held yesterday at Yangon in Myanmar. Noting that the grouping had made further progress since the last BIMST-EC Ministerial Meeting, Shri Abdullah said that perhaps the members could agree to establish a PTA in the BIMST-EC on priority, given the fact that more than half of the world trade today is through regional trading arrangements. He suggested that the members could go ahead with the small list of items on which concessions could be exchanged, to begin with.

The Minister also underlined the need to ensure that all countries execute bilateral investment treaties and double-taxation avoidance agreements with each other for facilitation, promotion and protection of investments. Similarly, existing visa and entry formalities could be streamlined to permit easier travel of the members of the business community of the region, especially in view of tourism being one of the core areas of cooperation and the observance of the year 2001 as "Visit BIMST-EC" year. Referring to the importance of cooperation in the field of intellectual property rights, Shri Abdullah said: "It is important to enhance our understanding and awareness on the protection and sustainable use of bio-diversity resources, and share knowledge, innovation and creativity to promote the sharing of benefits. I would like to emphasise the need for networking of IP offices in BIMST-EC countries through sharing of experience, collation and dissemination of information at a sub-regional level and continue the process of consultation between the countries on new developments in the field of IP".

Source from: http://commerce.nic.in/PressRelease/pressrelease_detail.asp?id=344