Kaladan News


Date: Friday, July 30, 2004


General Khin Nyunt Flies off to Join BIMSTE-EC Meet in Bangkok


Chittagong, July30: According to the invitation of Thai Prime Minister Thaksin Shinawatra, Prime Minister General Khin Nyunt flies off to Bangkok today morning to attend the first summit of the BIMST-EC (Bangladesh, Myanmar (Burma), and Sri Lanka, Thailand Economic Cooperation, according to Burmese news.


It was set up in June 1997 in Bangkok consisting of Bangladesh, India, Sri Lanka and Thailand to increase social and economic cooperation among the member countries.


In November1997, Burma became a permanent member of BIMSTE-EC. Nepal and Bhutan, who were drafted in as full-fledged members of the maritime club in a BI MSTE-EC ministerial meeting in last February 2004, according to the “The Daily Star” of Bangladesh.


Inclusion of the two Himalayan Kingdoms necessitates a change in the name of the organization in the summit slated for July 30-31, 2004. India has already suggested it to be called as “ Bay of Bengal Community.”


In the meeting, the issues of anti-terrorism cooperation, multilateral trade and Asian Highway Network and ambitious road project that progress to connect South Asia with Southeast Asia are also expected to come up for discussion, according to Bangladesh official sources.


The other priorities on the agenda are investment, tourism, energy, technology, infrastructure, fishing, transportation and communication, the official further added.


The less developed countries---Burma, Bangladesh, Nepal and Bhutan---will have to reduce tariffs by 2011, according to Free Trade Agreement (FTA). The more affluent BIMSTE-EC members--- Thailand, India and Sri Lanka --- will phase out tariffs on fast tract products by 2009.


Tariffs for non-fast tract products will be phased out to developing countries by 2012 and in less developed countries by 2015 while duties on more “ sensitive” products would be discussed between 2005 and 2007, according to the The Daily Star.


The next meeting of BIMSTE-EC will be held in August 23, 2004 to evaluate over all situation of trade. ##


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