Jose John March 12, 2016 No Comments
THE BIMSTEC AGREEMENT “With fast globalization of world’s Economy, BIMSTEC Agreement can be viewed as an effort to strengthen the process of economic co-operation and free trade amongst the Asian countries, for their mutual benefit”. The agreement was signed among Bangladesh, India, Myanmar, Sri Lanka, and Thailand, on 8th February, 2004, at Phuket, (Thailand), where the Ministers of Commerce and Foreign affairs of these nations met, in the process of strengthening the trade ties and binding them into an alliance. The name BIMSTEC an acronym consists of the first letters of the countries involved,(B)Bangladesh, (I)India (M)Myanmar, (S) Sri Lanka, (T) Thailand. It was decided to include two other countries Nepal and Bhutan, the membership of the BIMSTEC would become more varied geographically. Economic Significance The SAARC (South Asian Association for Regional Co-operation) was also conceived for the purpose of regional co-operation, but couldn’t deliver the expected results, due to hostile attitude of India and Pakistan; a necessity was being felt to enhance trade links, among the countries. The BIMSTEC serves the purpose. The BIMSTEC Agreement is aimed to create a free trade zone, where tariffs would be brought down to zero by 2012. Bangladesh and Myanmar, the two least developed countries of the forum have been given extra time to...
read more