Bay of Bengal Initiative for
Multi-Sectoral Technical and Economic Cooperation

Sectors & Sub Sectors

BIMSTEC Focal Points

Project Proposals

BIMSTEC Chamber of Commerce

Free Trade Agreement

Useful Links

Trade & Investments
 

This Sector is led by Bangladesh

Since there is significant potential of increasing intra-BIMSTEC trade, increased economic cooperation among member countries will definitely contribute to expansion of trade and investment flows in the region. A Task Force was constituted to review the sectors and sub-sectors of economic cooperation by the decision of the STEOM and the Trade Ministers in their meeting held in January 2004 in Bangkok. The Task Force decision which finalized in January 2005 is to restructuring Trade and Investment Sector into 3 main Sub-sector.

At present, this sector is divided into two categories as follows;

1.1 Goods and Services consisting of 8 sub-sectors
- Textile & Clothing – Bangladesh - Processed Foods - Sri Lanka
- Drugs & Pharmaceuticals – India - Automotive Industry & Part – Thailand
- Gem & Jewelry - Sri Lanka - Rubber, Tea & Coffee – Thailand
- Horticulture and Floriculture products – Thailand - Coconut and Spices – India
1.2 Trade and Service facilitation consisting of 7 sub-sectors
- Custom Service - Standard of Goods
- Banking Arrangements - E-BIMSTEC
- Standards & Conformity - Business Travel Facility
- Intellectual Property

However, concerns were raised by the private sectors at the Economic Forum that trade within BIMSTEC region still remains low in comparison to the value of trade the group has with the rest of the world. This could partly be attributed to the inappropriate division of sectors and sub-sectors of cooperation under the current global circumstances.

Within this sector, Thailand has proposed the establishment of the BIMSTEC Free Trade Area (FTA), of which the negotiation is now underway. This sector of cooperation is noted to be under the supervision of STEOM and TEMM.

 

  
Sub-Sectors

      • Trade in Goods

      • Trade in Services

      • Trade in Investment


Meetings/Reports

Business Forum and Economic Forum : are the 2 forums under the Trade and Economic Senior Officials' Meeting (STEOM)  that allow active participation of the private sector. In the Business Forum, private sector representatives from the BIMSTEC member countries will meet and discuss various issues. Results from the Business Forum will be forwarded to Economic Forum where the private sector will have an opportunity to discuss freely with representatives from the public sector from the member countries. The Economic Forum will then report outcomes of its meetings to the STEOM. The last Forum was held in New Delhi. The outcomes of the meeting are described as below:

      • Economic Forum Meetings

      • Business Forum Meetings

Focal Points

Country Name Organization Contact Details
Bangladesh

Mr. Elias Ahmed
 (Joint Secretary)

ITO, Ministry of Commerce, Bangladesh Secretariat

Tel : +88-02-716-9508
Fax : +88-02-716-5741
mincom@bdonline.com 

Bhutan

Mr. Sonam P. Wangdi
(Director)

 Department of Trade Ministry of Trade & Industry

Tel. :+97-52-323579, 322407
Fax. : +97-52-324278
India Shri Rajan Sudesh Ratna
(Director)		 Department of Commerce

Tel. : +91-11-23063405
rsratna@ nic.in
Myanmar

U Hla Thaung
(Deputy Director General)

Foreign Economic Relation Department
Ministry of National Planning and Economic Development

Tel. : +95 67  407263
Fax. : +95 67 407027
ferd.mmr@mptmail.net.mm
Nepal

Mr. Purushottam Ojha
(Joint Secretary)

Commerce and Supplies Export Promotion Trade and Transit Division, Ministry of Industry

Tel : +9771 4226 046
Fax : +9771 4220 319
pojha58@hotmail.com moc@wlink.com.np
Sri Lanka

Mr. Buddhika Mallawarachchi
(Acting Secretary)

National Chamber of Commerce of Sri Lanka

Tel. : +9411 5874801
Fax. : +9411 2689596
buddhika@nccsl.lk
Thailand Ms. Puttachart Wongmonkol
(Trade Officer)		 Department of Trade Negotiations, Ministry of Commerce

Tel. : + 66 2 507 7399
Fax. : +66 2 547 5627
puttachart@moc.go.th

 

 

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