--By TC Correspondent

 

The Third Summit of BIMSTEC concluded in Nay Pyi Taw, the capital of Myanmar, on March 4 with several key decisions, including one to finalise the draft Agreement on Trade in Goods as per the previously agreed General Rules of Origin and Product Specific Rules.

 

The member states also reached agreements on Dispute Settlement Procedures and on Cooperation and Mutual Assistance in Customs Matters under the Framework Agreement on the BIMSTEC free trade area.

 

The BIMSTEC Trade Negotiating Committee (TNC) would expedite the process to close the deal on Trade in Goods by the end of 2014, and to continue efforts for finalising the agreement on Services and Investments, said the declaration adopted by the member states.

 

The Summit also agreed to enhance cooperation in expanding skills and technology base of the member states through collaborations and partnerships, targeting micro, small and medium level enterprises. It was also decided to accelerate efforts for early finalisation of the Memorandum of Understanding on the establishment of Bimstec Technology Transfer Facility.

 

Lauding BIMSTEC’s third Energy Ministerial Meet-2014 held in Nepal, the member states also stressed the need for enhancing regional cooperation in the energy sector while declaring Bhutan as the next stop for the fourth Bimstec Energy Ministerial Meet in 2015 and India’s Bengaluru as the Bimstec Energy Centre.

 

The meeting also reiterated the commitment to continue and enhance cooperation in the field of agriculture and decided to intensify efforts through joint research programmes to increase productivity. “Resolve to enhance cooperation in environmental protection and sustainable development and promote capacity building in the area of disaster management,” said the statement.

 

The summit also reiterated the commitment to expand efforts to further people-to-people exchanges and linkages at various levels among the member states, including facilitating travels through the Bimstec Business Visa Scheme and Visa Exemption Scheme.  

 

“We have also agreed to implement the Bimstec Poverty Plan of Action adopted at the second Bimstec Ministerial Meeting on Poverty Alleviation held in January 2012 in Nepal,” the statement said, welcoming the Sri Lankan offer to host the third edition in the first half of 2014. The seven-member regional body also agreed to explore collaborative initiatives amongst the member states towards addressing the adverse impacts of climate change.