BIMSTEC can finalise regional FTA in phases to promote investment & jobs

BIMSTEC can finalise a regional FTA in phases, which would lead to quicker implementation and promote investment, job creation, technology partnerships, and services according to a CII Study on BIMSTEC Economic Cooperation.

The CII Study was released in New Delhi last week on the occasion of BIMSTEC Business Summit organised ahead of the group’s Summit next month.

As players in driving growth and development, businesses including small and medium enterprises must be empowered to forge the necessary linkages across borders and build resilient supply chains.

Recommendations for taking forward the BIMSTEC grouping with the engagement of businesses of the member states include Finalising a regional FTA in phases, which would lead to quicker implementation and promote investment, job creation, technology partnerships, and services; Industry Partnerships for Deepening Regional Economic Engagement

Promoting a more favourable business climate between members which could include easing FDI restrictions across most sectors, improving ease of doing business, automation and integration of all relevant customs agencies into a unified system, and refining governance on dispute resolution, labour, IPR and innovation.

Improving energy collaboration between BIMSTEC states through the collective development of a regional power grid, a dedicated fund for investing and promoting renewable energy businesses, and research into green hydrogen for commercial and civil use.Establishing disaster management monitoring centres and a coastal biodiversity survey, conducted across the region for comprehensive monitoring of weather conditions and to protect the population and vulnerable species from the significant negative effects of climate change.Developing an agricultural technology transfer agreement that would share advanced farming tools between BIMSTEC states based on natural advantages and agri-climatic zones.

Increasing regional cooperation on tourism between BIMSTEC countries, including developing common safety and security protocols among member states and holding multilateral exchanges on tourism.

Accelerating the BIMSTEC Technology Transfer Facility (TTF) into force to promote increased technological cooperation and sharing across fields like biotechnology, nanotechnology, and pharmaceutical technology.

Fast-tracking the BIMSTEC Transport Connectivity Working Group (BTCWG) for implementation of the BIMSTEC Master Plan for Transport Connectivity as soon as possible.

With greater industry collaborations and joint projects, the BIMSTEC region and its member states could accelerate their efforts towards growth and development and derive significant benefits in terms of employment and income generation.