BIMSTEC Summit to finalize free trade agreement, maritime pact

The Bimstec summit in Bangkok is set to take place from April 2 to 4. Leaders from India, Myanmar, and Thailand will work on a maritime transport agreement to boost trade. This agreement aims to improve connections between Indian ports and the ports of Myanmar and Thailand. The summit also hopes to finalize a long-awaited free trade agreement (FTA). This FTA has been in discussion since 2004 and could greatly increase trade among member countries. Indian Prime Minister Narendra Modi will attend the summit, marking his second visit to Thailand since 2019. Under Thailand's leadership, Bimstec aims for a prosperous and resilient region by 2030. India is focusing on Bimstec as a way to strengthen regional ties, especially since the Saarc group has seen stalled progress. There is no confirmation yet on a meeting between Modi and Bangladesh's interim chief advisor, Md Yunus. Commerce Minister Piyush Goyal emphasized the need for member nations to rethink their trade priorities. This is crucial for the finalization of the FTA, as Bimstec countries look to enhance their economic relationships.