A panel discussion on âUnlocking BIMSTEC Potential: Trade, Investment and Connectivityâ was organised by MVIRDC World Trade Centre (WTC) Mumbai in association with All India Association of Industries at WTC Mumbai.
H. E. Mr. M. Shahidul Islam, Secretary General, BIMSTEC Secretariat in his keynote address said, âThere is a growing consensus that BIMSTEC should expedite finalisation of FTA-related agreements. BIMSTEC countries will be able to sign the Agreement on Trade in Goods and Customs Cooperation Agreement within 2019. BIMSTEC Leaders also agreed to revitalise BIMSTEC Economic Forum and BIMSTEC Business Forumâ.
The keynote address was followed by an interactive Panel Discussion moderated by Dr. Prabir De, Professor, Research and Information System for Developing Countries (RIS).
Dr. De said, âThe Declaration emphasised on strengthening institutional structure of the BIMSTEC Secretariat to spearhead regional integration, whose collective economic size is set to reach USD 4 trillionâ.
Mr. Suresh Kumar, Chief Ship Surveyor, Directorate General of Shipping, Ministry of Shipping, Government of India remarked, âBIMSTEC countries will be signing an agreement and a Standard Operating Procedure (SOP) to operationalise coastal shippingâ.
Mr. Saugata Bhattacharya, Chief Economist, Axis Bank said, âBIMSTEC bloc must leverage Indiaâs digital payment system, which is the most cost effective in the worldâ, Mr. Bhattacharya concluded.
Mr. Pratim Ranjan Bose, Chief of Bureau, The Hindu Business Line (Kolkata) suggested that the regional integration of BIMSTEC countries must involve Indiaâs key states such as West Bengal, Bihar, Uttar Pradesh and North Eastern States in regional cooperation.â
Mr. Sohail Jaria, Member-Executive Committee, Indo-Myanmar Chamber of Commerce and Industry said, âLarge BIMSTEC countries must engage in capacity building in smaller member countries for transfer of knowledge and technology to develop the manufacturing sector through proactive measuresâ.
Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre Mumbai said, âBIMSTEC countries must set up BIMSTEC Bank. Also, the EXIM Banks of the BIMSTEC countries must introduce credit lines to promote trade and investmentâ.
During the event, H. E. released the MVIRDC WTC Mumbai publication âBIMSTEC â A Vibrant Economic Blocâ. It reveals the potential areas of cooperation namely, agriculture, manufacturing, trade in services, climate change mitigation, etc.
Top Photo:
From (L-R): Ms. Rupa Naik, Captain Somesh Batra, H. E. Mr. M. Shahidul Islam, Mr. Vijay Kalantri and Dr. Prabir De.
Below Photo:
From (L-R): H. E. Mr. M. Shahidul Islam and Mr. Vijay Kalantri.