New Delhi, Apr 27 (KNN) Voicing the need for better cooperation in the region, The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Secretary General Shahidul Islam called for speedy negotiations on FTA for the grouping.

Islam urged for specific steps to rejuvenate the regional grouping through greater political commitment, expeditious negotiations on BIMSTEC Free Trade Agreement, adequate funding, BIMSTEC special visas and closer people-to-people contacts.

“The time now is to consolidate on the progress made in the last 20 years and take immediate steps to give BIMSTEC a distinct regional flavour,” he said.

The Secretary General made the remarks during his address at FICCI  during the release event of the report titled ‘Reinvigorating BIMSTEC: An Industry Vision for the Next Decade’.

Islam further said that FTAs were no panacea for development, but they represented a crucial first step towards spurring growth and development in the region.

Bangladesh, he said, had agreed to hold the next round of trade negotiations for concluding the BIMSTEC FTA which should be started without delay. The BIMSTEC Secretariat, he said, needed to be adequately financed as its present budget is a mere US$ 1 million.

In the FICCI report, the FICCI Core Group has recommended strategic thrusts in select priority sectors to make BIMSTEC a result-oriented, effective and influential institution.

This could be achieved by concluding negotiations for free trade agreements and trade facilitation, strengthening infrastructure linkages, deepening regional transport connectivity, facilitating cross-border trade and investment, and tourism, a release from FICCI informed.

It also mentioned about the role of the same in enhancing private sector participation and competitiveness, supporting regional power trading, developing human resources through mutual cooperation, protecting the environment and promoting sustainable use of shared natural resources, creating the Bay of Bengal Community (BoBC) and, promoting all-round cooperation in ‘soft power’ areas. (KNN/DA)