Dhaka urges Bimstec to implement Free Trade Area

Bangladesh has urged the Bimstec member states to implement the Free Trade Area at the earliest.

Foreign Secretary Masud Bin Momen has virtually joined the 23rd Bimstec Senior Officials' Meeting (SOM) in Bangkok today, according to a foreign ministry statement.

Foreign secretaries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) attended the meeting, where Masud Bin Momen led the Bangladesh delegation.

Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are among the countries dependent on the Bay of Bengal. A Bimstec free trade agreement like that of Saarc is under negotiation.

Masud Bin Momen apprised the meeting about the progress made in the trade, investment and development sector for which Bangladesh is the lead country.

The meeting took stock of the progress made so far since the 22nd SOM held March 2022 including the implementation of various decisions taken during the 5th Summit.

The SOM finalised the draft text of the Agreement on Maritime Transport Cooperation, which is expected to be approved by the ministerial meeting.

Moreover, the meeting finalised the Bimstec Bangkok Vision 2030 and recommended it for approval of the ministerial meeting.

The SOM also endorsed Blue Economy as a sub-sector under the Trade, Investment and Development sector.