Sri Lanka today said it is looking forward to early conclusion of the free trade agreement (FTA) among the seven-member BIMSTEC grouping in order to fast-track trade and economic cooperation between them.
"We hope to do it (conclude the FTA) as soon as possible. The economies of BIMSTEC countries are at different levels of growth and development so we need to harmonise these challenges in such a manner that everybody can subscribe to one set of rules," Sri Lankan High Commissioner to India Prasad Kariyawasam told PTI on the sidelines of an Assocham conference here.
The agreement should benefit everyone and aim to promote trade, he added.
Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand make the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) grouping, which is home to one-fifth of the world's population.
A framework agreement for establishing the BIMSTEC free trade area was inked in Phuket, Thailand, in February 2004. The pact committed parties to negotiate FTAs in goods, services and investments. However, the negotiations have not concluded yet.
Earlier this month, Prime Minister Manmohan Singh had called for "early conclusion" of the BIMSTEC Free Trade Agreement and said it should be extended to investment and services sector.
