The government has started preparing an initial Indicative Negative List (INL) based on the Safta sensitive list to exchange it with other Bimstec member countries.

The member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) will exchange the initial INL during the forthcoming 5th meeting of the Bimstec Trade Negotiation Committee (TNC) scheduled to be held in the first week of next month at Colombo.

Bimstec, a bloc of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand, was formed to achieve its own free trade area by 2017. A high profile committee at a meeting at the Tariff Commission yesterday assigned the country's Free Trade Group (FTG) to finalise the negative list under 25 percent tariff line like the Safta (South Asia Free Trade Agreement) negative list.

Chaired by the Tariff Commission chairman, the meeting was attended by representatives from ministries concerned, National Board of Revenue (NBR) and private sector experts.

The FTG will also find out any possible variables in preparing negative list in case of Myanmar and Thailand, as the countries are not Safta members.

The FTG will finalise the list by May 20 and the list will be placed before the NBR for recommendation.

Sources of the tariff commission said negotiations over Bimstec on trade in goods are expected to be completed by December 2005, while negotiations on trade in services and investment by 2007.

Bimstec member countries agreed to establish the Bimstec Free Trade Area Framework Agreement in order to stimulate trade and investment in the countries involved, and attract outsiders to trade with and invest in Bimstec at a higher volume, sources said.

All members, except Bangladesh because of domestic procedure, became signatories to the Framework Agreement at the 6th ministerial meeting.

Bangladesh later signed the Framework Agreement on June 25, 2004.