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Trade experts of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) concentrated their discussions Tuesday on anti-dumping and safeguards measures while entering into Free Trade Agreements in the middle of next year, meeting sources said.
Delegates, attending the eighth round of discussions, said the rate of progress was good and that 'we have come closer to a consensus' on how to lead the member countries into free trading pacts.
The experts believe that the enforcement of free trade deals by the member states will bolster economic development, curb poverty substantially in the region, as the nations thrive in an atmosphere of cost effective trading and investment.
The commercial experts of those member countries have been taking part in a discussion at a Dhaka hotel on how to shorten the negative list, that the delegates believe, was 'too long.'
"We are talking on anti-dumping and safeguard measures to be taken as we enter into free trade agreements next year," said a Thai participant.
Some 25 per cent of the entire 5,300 tradable products have been put under negative lists and that it include a good numbers of common goods as well.
"We are discussing whether we need any safeguard measures to protect local industries," said an expert of Bhutan.
Some participants are of the view that since safeguard arrangement is a WTO provision, BIMSTEC members could also have it.
"When we all feel comfortable with the free trading after sometime, we may review the safeguard matter," Bhutan delegate said.
"The idea of the meeting here is to reduce tariff so that the business goes up," said an Indian expert.
The beneficiary nations-- Bangladesh, India, Myanmar, Thailand, Sri Lanka, Nepal and Bhutan-- agreed to intensify trade and commerce under the banner of the BIMSTEC. It was first formed in 1997 as Bangladesh-India-Sri Lanka-Thailand Economic Co-operation (BIST-EC) and then extended its members to Myanmar, and Nepal and Bhutan, taking a new name BIMSTEC.
The delegates are also discussing on how two different duty levels, one with no duty and another with up to five percent, could be enforced.
Earlier, the trade negotiating committee had its 7th meeting in Thai capital Bangkok from September 12-16.
The inter-regional grouping will serve as a bridge between the five SAARC countries and two ASEAN countries. BIMST-EC will have a greater potential to increase the trade among member countries by taking advantage of their geographical location in the region of the Bay of Bengal and the Eastern coast of the Indian Ocean.
Discussions have already been held with regard to building a trans-Asia highway linking the five countries and also setting up a BIMST-EC airline connecting the capitals and important cities of the member countries.
The BIMSTEC covers a population of approximately 1.3 billion and the trade value between Thailand and other countries in the group exceeded US $ 3.0 billion last year.
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