India sought for an early closure of the proposed BIMSTEC free trade agreement, calling for a greater understanding of "complementaries" among the seven nation grouping. The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation involves Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal.
All the member countries agreed on a framework agreement in 2004, to have an FTA that will improve the flow of goods and services in the area. Indian Commerce Minister Nirmala Sitharaman said, "A lot has been said about how we have not still signed an FTA. Yes, that is a concern and we shall work actively to get a consensus to have an FTA signed amongst the BIMSTEC countries." She said it was a "shame to move around in this region which is otherwise very well connected, is so arduous." Sitharaman also favoured boosting sea and port connectivity to make the movement of goods "far more efficient, cost effective and also timely."
Analysts say that the FTA is of importance to India, as unlike SAARC, neighbouring Pakistan is not a member of the BIMSTEC. They believe the implementation of an agreement to improve trade, could make things easier for India. The seven member states together, cover 14 sectors of priority, with each leading in one or more area voluntarily. While India leads in counter-terrorism and transnational crime, and telecommunitcation and transport, other key sectors include trade and investment, technology, energy, tourism, fisheries, agriculture, cultural cooperation, public health, etcss.
With the last BIMSTEC summit held in 2014, this year's meet was one of the highest-level meeting of the group in the last two years. A retreat session was conducted before the outreach dinner with the BRICS leaders on October 16.
