more
ADVERTISEMENT
Blogs
The Times of India
India took its trade diplomacy up several notches this week with negotiators wrapping up a free trade deal in goods with other BIMSTEC countries i.e. Thailand, Myanmar, Bangladesh, Sri Lanka, Bhutan and Nepal. Officials from all the countries met in Thai resort Phuket to conclude the negotiations after 18 rounds since 2004.
Commerce ministers are expected to approve the deal in the coming months, paving the way for a signing possibly by year’s end. The India-Asean FTA too is waiting for a signature around October, which is the time Thailand has set for the twice-postponed East Asia Summit.
Politically, this deal envelopes Thailand and Myanmar into the South Asian region, while keeping Pakistan and China out. Consequently, India’s responsibility in making this work is much higher.
Its likely the ongoing recession imparted a sense of urgency to concluding negotiations, because estimates say the deal will involve over $3 billion in mutual trade among these countries, several of them, like Nepal and Bangladesh being LDCs (least developed countries). The last negotiations were held in Phuket.
This is expected to boost their economic prospects significantly.
The free trade agreement will be in addition to other agreements that are already in play. For instance, India already has an FTA with Sri Lanka. Thailand and Myanmar will be covered under the India-Asean FTA as well. Although Nepal and Bangladesh are also part of SAFTA, that is hanging fire because of Pakistan’s refusal to implement many clauses relating to India.
| Bookmark / Share | |
|
|
Google Bookmarks |
| Buzz up! | |
| StumbleUpon | |
| More | |
Related Blog Posts
Related Stories
Networking
itimes | Dating & Chat | Email
Comments:
Sort by: Oldest | Newest | Recommended (5) | Most DiscussedJune 07,2009 at 11:10 PM IST
BIMSTEK is very important to the regional political and economic stability of the region. It also complements the ASEAN free trade area already established by South East countries.
BIMSTEK is an important opportunity to celebrate the socio-cultural traditions of the region and encourage trade, collaboration and business ties in the region.
Agree (23)
Disagree (22)
Recommend (6)
Offensive
June 08,2009 at 05:02 AM IST
It is an excellent idea. India should counter America and Europe's role in Asia. It should also deter Chinese hegemony in South Asia. We should work towards forming a south Asian Eunion (consisting of India,S lanka, Bangladesh, Nepal, Thailand possibly Pakistan as well etc) in order to be a much stronger force. China has already sneaked into South America and Africa. India should learn from this!
Agree (23)
Disagree (22)
Recommend (6)
Offensive
June 08,2009 at 10:32 AM IST
India is best in country world. We should work towards forming a south Asian Eunion. india of neighbour good country. india of neighbour good country for srilanka bangaladesh nepal. India should counter America and Europe's role in Asia. It should also deter Chinese hegemony in South Asia.
Agree (23)
Disagree (26)
Recommend (6)
Offensive
June 08,2009 at 11:09 AM IST
In both Sri Lanka and Bangladesh the anti-India sentiment is very high. China will give them Nuclear weapons soon and US will again turn a blind eye. Besides if we start trading with Bangladesh will it mean that we have to take in more refugees and absorb more illegal migrants?
Agree (24)
Disagree (23)
Recommend (6)
Offensive
June 09,2009 at 01:22 PM IST
It's an very good idea. India of neighbour good country. India of neighbour have many good country for srilanka bangaladesh nepal. India should counter America and Europe's role in Asia.
Agree (23)
Disagree (24)
Recommend (6)
Offensive