BIMSTEC to enhance cooperation for development, access and sharing of affordable technologies including for MSMEs

New Delhi, Aug 31 (KNN) The 4th BIMSTEC summit successfully concluded today in Nepal with its Prime Minister K.P. Sharma Oli handing over the chairmanship of the grouping to Sri Lankan President Maithripala Sirisena.

Prime Minister Narendra Modi and the top leaders of other BIMSTEC member states attended the two-day summit in Kathmandu.

Prime Minister Oli, the current chair of the BIMSTEC, presented a draft of the Kathmandu declaration which was unanimously adopted by the member states.

The BIMSTEC is a regional grouping comprising India, Bangladesh, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal. The grouping accounts for 22 per cent of the global population, and has a combined gross domestic product of USD 2.8 trillion

In the Fourth BIMSTEC Summit Declaration, the members agreed to renew commitment to an early conclusion of BIMSTEC Free Trade Area (FTA) negotiations, and direct the BIMSTEC Trade and Economic Ministerial Meeting (TEMM) and its subsidiary bodies including the Trade Negotiating Committee (TNC) to expedite finalization of all related Agreements of the BIMSTEC FTA as early as possible.

They also expressed satisfaction on the progress of negotiation on the Agreement on Trade in Goods and the Agreement on Customs Cooperation and also direct our respective Ministries/Agencies to participate regularly in TNC Meetings.

The members agreed to revitalize the activities of BIMSTEC Business Forum and BIMSTEC Economic Forum to further strengthen Government–Private sector cooperation for the promotion of trade and investment and task the Expert Group on BIMSTEC Visa Matters to continue negotiation for finalization of the modalities for the BIMSTEC Visa Facilitation.

The members agreed to enhance cooperation for development, access and sharing of affordable technologies – including for Micro, Small and Medium Enterprises (MSMEs) for promoting sustainable development across sectors.

The members welcomed the efforts of the Member States towards the signing of the Memorandum of Association on the Establishment of BIMSTEC Technology Transfer Facility in Sri Lanka.

Also, the BIMSTEC members agreed to focus cooperation in human resources development and education for the advancement of technology in the region, keeping in mind the need to address the disruptive impacts of technology.

The members welcomed the offer of India to host a BIMSTEC Startup Conclave in December 2018, and encourage all Member States to participate in it. (KNN Bureau)