Bangladesh calls for preferential trade among 18 countries

Bangladesh yesterday proposed preferential trading arrangement, an agreement for protection and promotion of investment, among 18 Indian Ocean Rim countries for promoting economic cooperation.
Addressing the Council of the Ministers' Meeting of Indian Ocean Rim Association for Regional Cooperation (IOR-ARC) at Bangalore in India, Foreign Minister Dipu Moni called for a regional, trans-regional and international move to eliminate piracy completely.
In order to further enhance the volume of trade among the IOR-ARC countries, the minister emphasised the need for early conclusion of a preferential trade agreement.
She also underscored the importance of concluding an agreement on the promotion and protection of investment within the IOR-ARC.
She also pointed out that it was necessary to combat piracy for not only ensuring safety of the sea lanes but also for boosting the economy of the region.
In this context, Dipu Moni proposed establishment of a 'free and non-discriminatory regime' by which national flag carriers and qualified sailors of a member state can have easy access to the markets of the others.
Given the vulnerabilities of the littoral and island nations to climate change impacts, she appealed for greater cooperation among IOR-ARC countries.
The minister also outlined the interests and priorities that Bangladesh would like IOR-ARC to pursue namely maritime transport, trade and investment, science and technology, education and disaster management.
Chaired by Indian Foreign Minister SM Krishna, the meeting was addressed among others by Australian Foreign Minister Kevin Rudd, Sri Lankan Foreign Minister Sarath Amunugama, Foreign Minister of Yemen Abu Bakr Al-Qirbi and head of delegation of the participating countries.
Bangladesh High Commissioner to India Tariq A Karim also attended the meeting.
IOR-ARC is a regional organisation set up in 1997 with membership of 18 countries, located in the Indian Ocean Rim, with a focus on economic cooperation.
Indian Ocean is a major trading and shipping route which carries almost half of the world's container ships and one-third of the bulk cargo traffic. Bangladesh became a member of the IOR-ARC in 1999.