SAFTA & BIMSTEC protect economic threats from India
19 Dec '06
1 min read
Regional Trade Agreements (RTA) such as South Asian Free Trade Area (SAFTA) and Bay of Bengal Multi-Sectoral Technical and Economic Cooperation (BIMSTEC-FTA) are just strategic agreements for Nepal to avoid economic threats from India, experts informed.
At round table discussion organized by the Ministry of Industry Commerce and Supplies and South Asia Watch on Trade, Economics and Environment (SWATEE) on SAFTA and BIMSTEC, it was stated that from bilateral trade more benefits can be reaped compared to RTA like SAFTA and BIMSTEC.
It is difficult for Nepal to enhance its export in India as local markets are slashing their rates.
Senior officials were of the opinion that there is still scope for the country in the bilateral trading agreement with India.
During discussion, members told to consider 'strategic agreements' as a means to avoid annoying fallouts such as 1989 economic blockage from India.
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