Mr Modi Moots a Free Trade Agreement for BIMSTEC

Mr Modi Moots a Free Trade Agreement for BIMSTEC

On Wednesday, Prime Minister Narendra Modi urged The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) to strengthen its ties with the littoral states of the Bay of Bengal and welcomed the unveiling of the Charter of the organization.

The Ministry of External Affairs officials issued a statement at the conclusion of the summit in Colombo that BIMSTEC will be the “security pillar” of the grouping. A master plan for transport connectivity was also announced at the summit that would provide a framework for regional and domestic connectivity.

PM Modi said, “Today we have adopted the Charter of BIMSTEC. This is an important step towards creating an institutional architecture of BIMSTEC”. By adopting the Charter, BIMSTEC had a new direction and clear objectives. According to the Charter, the members should meet every two years.

In his speech, Modi called for an agreement among the member nations on free trade. Among the essential elements of BIMSTEC’s evolving shape, he mentioned coastal shipping ecosystems and electricity grid interconnectivity.

MEA’s Joint Secretary in charge of the BIMSTEC and South Asian region, Rudrendra Tandon announces that with the development of the organization in the formal structure, the member leader has agreed to divide the working of the grouping into seven segments and India providing leadership to the security Pillar.