The economic ministers of the BIMSTEC at a retreat in the Thai capital Bangkok yesterday decided to facilitate trade, increase investment and promote technical cooperation among the member states, reports UNB.

The meeting of the BIMSTEC, sub-regional economic cooperation grouping, comprising Bangladesh. India. Myanmar. Sri Lanka and Thailand, also decided to design its activities to form a bridge linking the ASEAN and SAARC.

The meeting was participated by Thai Deputy Prime Minister Dr Supachal Panitch-pakol. Commerce Minister of India Ramkrishna Hedged. Chairman of the SPDC of Myanmar Brig Gen David O Abel. Internal and International Commerce Affairs and

Food Minister of Sri Lanka Kingsly T Wickremeratne and Commerce and Industry Minister of Bangladesh Tofail Ahmed.

While having a frank and cordial discussion, which touched matters of vital interests of the BIMSTEC region, the leaders at the meeting agreed to prepare individual action plan to be discussed as inputs at the second BIMSTEC annual ministerial meeting to be held in Dhaka on September 8-10.

The meeting decided that the economic ministers’ meeting would be held at least once a year in order to follow up and accelerate the implementation of economic cooperation initiatives.

A Senior Economic Officials’ Committee will be established consisting of officials not below

the level of Secretary or an equivalent rank, the meeting decided.

Besides, various working committees for each area of cooperation would be established to enable these working committees to draw up jointly an action agenda and monitor results.

The meeting decided that the sub-regional economic grouping would initially begin cooperation In 6 areas. These are: Trade and investment, technology. transportation and communication. energy, tourism and fisheries. However, the areas could be extended whenever necessary.

It was agreed that responsibility of the initial sectors be delegated as follows: Trade and investment (Bangladesh). tech-

nology (India), transportation and communication (Thailand). Energy (Myanmar), and Tourism and Fisheries (Sri Lanka).

In the trade and investment area, the economic cooperation would cover exchange of information and establishment of a database involving tariff rates, trade statistics, non-tariff measures. import/export regulations and regulatioiis-related to investment and production.

Promotion ol joint investment and business between members, implementation of trade facilitation measures such as customs procedures and mobility of business people should also be covered in the trade and investment area.

The meeting decided to develop an action plan, which Is likely to be adopted at the tourism summit to be held in India later this year.

The meeting held that in order to promote private sector participation in the BIMSTEC cooperation projects and to ensure implementation of work [>lans. it is necessary to estab-Ish a BIMSTEC Chamber and Commerce and Industry (BIMSTEC CCI). It is also neces sary to designate private sector representatives to coordinate work in each sub-sector among the private sector groups of the member countries.

Tlie meeting observed that to promote trade and investment in the region, cooperation should be extended further excluding the existing five subsectors.

The areas to be included in the list are: Trans-Asia railway and highway, rubber, tea. coffee, coconut and spices, automotive Industries and processed foods.

The existing sub-sectors include textiles and clothing, drugs and pharmaceutical, gems and jewelry, information technology products and services. and horticulture and floriculture products.

Recognising that the South

Asia is a potentially large and unsaturated market unlike other regions, the meeting said that BIMSTEC could, therefore, utilise the advantage to expand trade and investment in other sectors of the grouping on a gradual basis.

Identifying the importance and priority needed to develop the road and rail connections among the member states, the meeting agreed that they should work for early establishment of the BIMSTEC component of the southern corridor of the TransAsian railway and Asian Highway projects.

It was also agreed at the meeting that necessary mechanisms would be set up to coordinate efforts and funding of those projects.

The ministers decided that they would work together to formulate a common position in areas to be addressed in the forthcoming discussions of the new World Trade Organisation (WTO) round.

The meeting opined that BIMSTEC should also work closely in the business sector to accelerate the development of a regulatory framework and prepare itself for such discussions at the WTO meetings.