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Bangladesh, Bhutan, India and Nepal (BBIN) on Monday signed a Motor Vehicles Agreement for seamless movement of people and cargo among the neighbours.
The Motor Vehicle Agreement (MVA) within the sub-grouping of the South Asian Association for Regional Cooperation (Saarc) nations would increase economic benefits for the region, Transport Minister Nitin Gadkari said.
This pact is the first stage of the $8-billion road connectivity project set to begin in October. Myanmar and Thailand have agreed to develop a motor vehicle pact on lines of the draft Saarc Motor vehicle agreement, to pave the way for greater economic cooperation in the Association of Southeast Asian Nations (Asean) region.
Gadkari said: “This agreement will promote our cooperation in trade and commerce, along with cementing our age-old cultural ties. The overarching framework of this agreement will need to be followed through with formulation of the required protocols and procedures to realise free movement of people and goods in the region. This would further need to be supplemented through building and upgrading roads, railways and waterways infrastructure energy grids, communications and air links to ensure smooth cross-border flow of goods, services, capital, technology and people. Taken together, this provides enormous opportunity for integration and development of our region.”
A BBIN Friendship Motor Rally has been planned in October 2015 to highlight the sub-regional connectivity and the scope and opportunities for greater people-to-people contact and trade under the BBIN initiative.
The MVA would reduce transport costs and foster development of multi-modal transport and transit facilities, enabling increased connectivity and promotion of greater trade between the four countries.
According to an agreement, the four countries would carry out a six-month work plan from July for the implementation of the BBIN MVA in accordance with the agreements and protocols. The staged implementation of the historic pact would begin in October this year.
Secretary-level discussions were successfully concluded in Bengaluru this month and a consensus reached on the text of the agreement, he added. “On conclusion of this agreement, our sub-region will get access to the larger ASEAN market through seamless passenger and cargo movement.”
The Motor Vehicle Agreement (MVA) within the sub-grouping of the South Asian Association for Regional Cooperation (Saarc) nations would increase economic benefits for the region, Transport Minister Nitin Gadkari said.
This pact is the first stage of the $8-billion road connectivity project set to begin in October. Myanmar and Thailand have agreed to develop a motor vehicle pact on lines of the draft Saarc Motor vehicle agreement, to pave the way for greater economic cooperation in the Association of Southeast Asian Nations (Asean) region.
Gadkari said: “This agreement will promote our cooperation in trade and commerce, along with cementing our age-old cultural ties. The overarching framework of this agreement will need to be followed through with formulation of the required protocols and procedures to realise free movement of people and goods in the region. This would further need to be supplemented through building and upgrading roads, railways and waterways infrastructure energy grids, communications and air links to ensure smooth cross-border flow of goods, services, capital, technology and people. Taken together, this provides enormous opportunity for integration and development of our region.”
A BBIN Friendship Motor Rally has been planned in October 2015 to highlight the sub-regional connectivity and the scope and opportunities for greater people-to-people contact and trade under the BBIN initiative.
The MVA would reduce transport costs and foster development of multi-modal transport and transit facilities, enabling increased connectivity and promotion of greater trade between the four countries.
According to an agreement, the four countries would carry out a six-month work plan from July for the implementation of the BBIN MVA in accordance with the agreements and protocols. The staged implementation of the historic pact would begin in October this year.
Secretary-level discussions were successfully concluded in Bengaluru this month and a consensus reached on the text of the agreement, he added. “On conclusion of this agreement, our sub-region will get access to the larger ASEAN market through seamless passenger and cargo movement.”
