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Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. News.
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Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation
News • “Mr. Alongkorn said that BIMSTEC consisted of Thailand, Mynmar, Bangladesh, India and Sri lanka. In the present, the economy was getting prosperous and affluent, thus, BIMSTEC – FTA was signed for over 5,000 products within July 2010, zero tariff and other kinds of tariff are included in the contract.” • “A great opportunity for Thailand to cooperate in both contracts which are BIMSTEC and GMS or ASEAN. Therefore, when these 2 groups are gathered, it became a gigantic economy.” • “Moreover, BIMSTEC and Thailand had trade value over 11,752.02 million USD or 3.31% of total trade value. After FTA, this group was expected to expand the trade value to be over 30% which the main exported product were rubber, sugar, and fruit and imported products were intermediary goods such as tuna fish, and fabic. However, trading with BIMSTEC still encountered some problems such as transportation route in Mynmar.”
On 6 June 1997, a new sub-regional grouping was formed in Bangkok and given the name BIST-EC (Bangladesh, India, Sri Lanka, Thailand Economic Cooperation) • The First Summit in Bangkok on 31 July 2004, the grouping’s name was eventually changed to the ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’, or BIMSTEC. • The forum is unique as the only link between South Asia and Southeast Asia, bridging South Asia’s Look East policy with Thailand’s Look West policy. • BIMSTEC can also be considered as a mechanism to promote opportunities for trade, investment and tourism between Thailand and South Asia.
BIMSTEC’s objectives stretch from creation of economic and social prosperity based on equality, to enhancement of mutual benefits in economic, social and technological aspects. • Promote assistance in the form of training, research and development in the areas of agriculture, industry, expansion of trade and investment, improvement in communication and transport, for the purpose of improving living standards and cooperation with other international organizations.
The Trade Negotiating Committee (TNC) was setup and had its 1st Meeting in Bangkok on 7-8 September 2004 • As stated in the adopted Terms of Reference, Thailand would be the permanent chair of TNC although the host country shall be rotated. • TNC’s negotiation area covers trade in goods and services, investment, economic cooperation, as well as trade facilitations and also technical assistance .
Objective • Strengthen and enhance economic , trade and investment cooperation among the parties • Promote trade in good and services • Explore new areas and develop appropriate measures for closer cooperation among parties • Facilitate a more effective economic integration of the least developed countries in the region and bridge the development gap among the parties.
Sector of Cooperation • Trade and Investment (led by Bangladesh) divided into 2 categories as follows: • 1. Goods and services with 8 sub-sectors: • * Gems and jewellery (Sri Lanka) • * Automotive industry and parts (Thailand) • * Processed food (Sri Lanka) • * Horticultural / floricultural products (Thailand) • * Drugs / pharmaceuticals (India) • * Rubber, tea, coffee (Thailand) • * Textile and clothing (Bangladesh) • * Coconut and spices (India)
Sector of Cooperation • 2. Trade and Investment Facilitation with 7 sub-sectors: • * Customs Procedures (Bangladesh) • * Standards and Conformity (Thailand) • * Banking arrangement (Sri Lanka) • * e-BIMSTEC (India) • * Intellectual property rights (India) • * Mobility of business people (Sri Lanka) • * Promotion of intra-BIMSTEC Investment (India)
Thank you for your attention Manatchaya 5004640511 Nuntaporn 5004640644
