BIMSTEC Free Trade Agreement to Come into Force This Year

The Bangladesh Parliament was informed on Sunday that the BIMSTEC free trade agreement is expected to take effect from July 1 this year. Foreign Minister M Morshed Khan stated that discussions among member states are in the final phase, and there is a possibility of future cooperation between SAARC and BIMSTEC. The BIMSTEC alliance is seen as a bridge between South Asia and Southeast Asia, with Khan highlighting that it will strengthen Bangladesh's "Look East Policy". The minister also discussed the Asia Pacific Trade Agreement with China, aiming to secure tax-free access for Bangladeshi products in the Chinese market.

Key Takeaways:

• The BIMSTEC free trade agreement is expected to come into force on July 1 this year, as stated by Foreign Minister M Morshed Khan.
• Discussions among BIMSTEC member states are in the final phase, with Khan indicating the possibility of future cooperation with SAARC.
• The BIMSTEC alliance acts as a bridge between South Asia and Southeast Asia, furthering Bangladesh's "Look East Policy".
• So far, 245 Bangladeshi products have obtained free access or low-taxed access to the Chinese market under the Asia Pacific Trade Agreement.
• If the proposed Asian Highway does not pass through Bangladesh, a bilateral highway will be constructed between Bangladesh and Myanmar.
• The Foreign Minister mentioned that the fourth round of negotiations with China under the APTA would be held soon.
• Bangladesh aims to secure tax-free access for its products solely in the Chinese market, given its status as a Least Developed Country.

Statistics:

• 245 Bangladeshi products have obtained free access or low-taxed access to the Chinese market.
• The BIMSTEC free trade agreement is expected to take effect from July 1 this year.

Sources:

• (UNB) which is Asia Pulse - [No specific date mentioned, so only the origin is provided]