Member states urged to work closely for BIMSTEC Free Trade Area

Bangladesh has urged the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) countries to work closely for finalising all the relevant agreements at the earliest to implement BIMSTEC Free Trade Area.

Masud Bin Momen, foreign secretary (senior secretary), came up with the call while leading the Bangladesh delegation at the 23rd BIMSTEC Senior Officials Meeting (SOM) in Bangkok on Wednesday in virtual mode.

Foreign/external affairs secretaries of the member countries attended the meeting, reads a press release.

The Foreign Secretary apprised the meeting about the progress made in the Trade, Investment, and Development sector for which Bangladesh is the lead country.

 He also expressed Bangladesh's strong commitment to the BIMSTEC process.

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

The SOM also finalised the draft text of the Agreement on Maritime Transport Cooperation, which is expected to be approved by the BIMSTEC Ministerial Meeting.

The meeting endorsed "Rules of Procedure" for all the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) mechanisms including several administrative and financial matters of the BIMSTEC Secretariat to be approved by the Ministerial Meeting.

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

Moreover, the meeting finalised the BIMSTEC Bangkok Vision 2030 and recommended it for approval at the Ministerial Meeting. The 19th BIMSTEC Ministerial Meeting will be held in Bangkok on Thursday in virtual mode.