OneThe share of all BIMSTEC countries — that include two ASEAN member-states, namely, Thailand and Myanmar — in world trade is less than 4 per cent. The BIMSTEC intra-regional trade was at $70 billion in 2021, significantly lower than ASEAN's $600 billion. BIMSTEC Members have agreed to establish the BIMSTEC Free Trade Area Framework Agreement in order to stimulate trade and investment in the parties and attract outsiders to trade with and invest in BIMSTEC at a higher level. BIMSTEC countries' existing trade and investment profiles are overwhelmingly influenced by their levels of economic development, geographical proximity, cross-border logistic facilities and different regional co-operation agreements. This session aims to chart out an actionable agenda to augment intra-regional trade in BIMSTEC. The focus will also be on the scope of development of regional value chains. The session will also deliberate on the prevalence of various non-tariff barriers to trade like quotas, import licenses, sanitary regulations, prohibitions etc among others.

Session Chair:

• Secretary, DPIIT, GoI (TBC)

 Panelists:

• Mr. Md. Mosharaf Hossain, Director, BIMSTEC Secretariat
• Mr Tandy Wangchuk, President, Bhutan Chamber of Commerce and Industry, Bhutan
• Mr. Chandra Prasad Dhakal, President, FNCCI, Nepal
• Presidents of Chamber of Commerce of BIMSTEC Countries

The BIMSTEC region brings together 1.67 billion people and a combined GDP of around US $ 2.88 trillion which offers a huge market to investors. Inspite of close proximity and historical linkages, the region has not witnessed major flow of FDI among BIMSTEC countries. There are several policy and procedural challenges which are discouraging regular and significant investments, although are several success stories. To achieve sustainable growth, employment and deeper engagement, it is important to rationalize and encourage investments. The Session would discuss various challenges, opportunities and way forward.

Session Chair

Mr Santosh Kumar Sarangi, Additional Secretary & Director General, Director General of Foreign Trade (TBC)

Panelists

• Mr. Abdul Matlub Ahmad, President, India-Bangladesh Chamber of Commerce and Industry
• Mr. Vishnu Kumar Agarwal, President, Confederation of Nepalese Industries
• Ceylon Chamber of Commerce
• NRL/ World Bank
• Chambers of Commerce of BIMSTEC Countriesnue: Ballroom Two