FTA delay key reason for lower intra-BIMSTEC trade: ICC Bangladesh

In the editorial of its current News Bulletin (April-June 2025), ICCB said progress on the FTA front has been slow, largely due to non-tariff barriers, the protection of sensitive products and the reluctance of some countries to open their markets.

"Despite 25 years of operation, BIMSTEC still faces major challenges. Key transport projects are delayed. In Bangladesh, political uncertainty and occasional tensions with India hinder regional cooperation. Myanmar's ongoing unrest further complicates progress, making it difficult to develop crucial transport links and raising concerns about the group's cohesion,” the editorial noted.

Bangladesh, as the current BIMSTEC chair, needs to focus on boosting trade among member countries by easing visa rules, improving customs systems and supporting digital payments, it suggested.

"For Bangladesh, stronger ties within BIMSTEC could bring many benefits. Bangladeshi businesses—especially in garments, agriculture, pharmaceuticals, and light industries—could enjoy lower trade costs and better access to regional markets. Additionally, foreign companies might become more interested in investing in Bangladesh, particularly in infrastructure, energy, and digital technology, if there are clear and stable regional trade rules in place. This would benefit not only Bangladesh, but the entire region," the editorial said.

This year marks the 25th anniversary of the establishment of the BIMSTEC, which was founded on June 6, 1997.

"The BIMSTEC Trade Facilitation Strategic Framework 2030, developed by the Asian Development Bank (ADB), is an important initiative to advance trade facilitation among member states. During its two-year leadership, Bangladesh has the opportunity to persuade member countries to implement the ADB Framework 2023," the ICCB editorial added.

ALCHEMPro News Desk (DS)