Bimstec Trade Experts' Talks
Uncertainty looms over fixing date, sensitive lists
Md Hasan
Fate of the Bimstec trade experts' talks has experienced a jolt as the member countries are yet to fix a suitable schedule for holding its 12th meeting, which was due in September in Myanmar, aiming to resolve hurdles for implementing a complete free trade area (FTA). "There has been no consensus on the date of holding the trade experts level meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec), though 11 meetings of the trade negotiation committee (TNC) were held successfully in different member countries, " a commerce ministry high official said, adding that progress in the TNC deliberations is not insignificant. The official, however, lamented that member countries also failed to reach a consensus on two core issues rules of origin and sensitive lists. "So at this moment it is difficult to say when the FTA pact will come into force, though trade among member countries under Bimstec was to come into effect from July 2006," he said. The proposed big negative lists by the Bimstec member countries need more discussions to cut the lists so that the FTA pact can be implemented effectively, he said. Sources said the three developing countries in the groupThailand, India and Sri Lanka proposed to bring about some changes in customs tariff. Along with such changes, India and Sri Lanka had favoured 35 to 40 percent value addition. But the least developed countries (LDCs)Bangladesh, Myanmar, Nepal and Bhutanwant fixation of the rules of origin criteria merely on value addition basis. "We are just continuing negotiations on negative lists and rules of origin for trading of goods. Apart from this, we have to discuss other sectors like fisheries, investment, technology, energy, transportation and communications and tourism," the official observed. Meanwhile, another official of the ministry anticipated uncertainty over holding of the Bimstec next meeting because of the existing Thai political situation. He said, "Political situation in Thailand may cause delay in the talks". The 7-nation regional economic group, Bimstec, was established in 1997 with a view to fostering socio-economic cooperation among the member countries. Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand are the group members. The group eyes achieving its own free trade area by the year 2007.
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