About India - BIMSTEC Agri Business Forum
BIMSTEC is a sub-regional grouping comprising seven geographically contiguous-littoral and peripheral south and Southeast Asian nations, namely, Bangladesh, India, Sri Lanka, Nepal, Bhutan, Myanmar and Thailand. The primary objective of BIMSTEC, which acts as a land bridge between SAARC and Association of Southeast Asian Nations (ASEAN), is to promote regional cooperation and economic integration in the area around the Bay of Bengal. The BIMSTEC region is home to 22% of the global population with a total gross domestic product (GDP) of USD 2.7 trillion. The priority areas of this regional forum include trade, economic cooperation, connectivity, agriculture, tourism, people-to-people contacts and technical and human resource development. The theme of the Goa outreach summit was "a partnership in opportunities".
BIMSTEC has the potential to generate trade worth USD 43-49 million under a proposed Free Trade Area (FTA). A framework agreement to set up a FTA was signed in February 2014 to increase the flow of goods and services in the BIMSTEC region. An early conclusion of FTA is necessary for enhancing trade and investment in the region. During the outreach summit in Goa, the member nations renewed their commitment to the speedy completion of FTA negotiations. They agreed to initiate concrete measures to boost trade facilitation and offer special and differential treatment for least developed nations (LDCs) for their integration into the regional economy.
Highlights of the Forum:
- One to One interaction between Indian and BIMSTEC Industry Players
- Informative sessions on finding out ways to tackle the barriers before India-BIMSTEC trade relations
- Special focus on cultural exchange and people to people connect
- To be organized on the sidelines of ASSOCHAM's BIMSTEC India Week RBSM in which 100+ businesses from BIMSTEC Countries and 200 Indian Industry Members will be participating