P.M. pitches for early conclusion of BIMSTEC free trade pact

New Delhi, Nov 13 (PTI) Pitching for early conclusion of
the B.I.M.S.T.E.C. Free Trade Agreement, Indian Prime Minister
Manmohan Singh Thursday said countries in Asia should give a
new strategic thrust to the cooperation in the backdrop of
global financial crisis.

"We should do something visible in the area of trade and
economic cooperation as a manifestation of our ability to do
something big together," he said while inaugurating the Bay
of Bengal Initiative for Multi-Sectoral Technical and Economic
Cooperation (B.I.M.S.T.E.C.) summit here.

Observing considerable progress has been made towards
B.I.M.S.T.E.C. Free Trade Agreement for trade in goods, Singh
said early conclusion of such an agreement would be a shining
example of cooperation among the members.

"We also look forward to the next stage of an agreement
in the area of investment and services," he told the Summit
being attended by B.I.M.S.T.E.C. leaders from Bangladesh,
Myanmar, Sri Lanka, Nepal, Bhutan and Thailand.

Sri Lankan President Mahinda Rajapaksa, Nepalese Prime
Minister Pushpa Kamal Dahal 'Prachanda', Bangladesh's Chief
Adviser Fakhruddin Ahmed, Myanmar Prime Minister Thein Sein,
Bhutanese Prime Minister Jigmi Y Thinley and Thai Premier
Somchai Wangsawat are attending the day-long second summit.

Globalisation and economic interdependence offer
opportunities for growth and prosperity but also have their
downside, the Prime Minister said adding the "recent
international economic and financial crisis has amply shown
(this)."

"B.I.M.S.T.E.C. is an opportunity we should seize
together", he said reminding that the combined Gross Domestic
Product (G.D.P.) in the region increased two and a half times
to reach 1.7 trillion U.S. dollars in the past 10 years.

Noting that climate change, energy, food security and
terrorism and maritime threats continued to pose a challenge
to the region, Singh said that countries should give a new
strategic thrust in the background of these challenges.

"We should undertake a comprehensive review of our
activities. We should prepare a blue print for future
activities that is focused on a limited number of issues or
areas of common priority," the Prime Minister said.

B.I.M.S.T.E.C. members, he said, should also focus on
maritime transport such as construction of deep-water port,
inter-modal connectivity and cooperation of port authorities
and shipping lines.

Referring to the devastating tsunami in 2004 and the need
for collective action to deal with such a disaster, he said
"India has set up a Tsunami Early Warning Centre. We would be
happy to extend information exchange and data sharing
arrangement to B.I.M.S.T.E.C. countries".

Pointing out that India was in the process of
establishing Nalanda University, Singh said that New Delhi
would be happy to offer another 150 scholarships to encourage
greater exchange of technical know-how among B.I.M.S.T.E.C.
nations.

India is already providing 300 scholarships for
B.I.M.S.T.E.C. countries. PTI MS
AM