India has wrapped up a free trade deal in goods with other BIMSTEC (Bay of Bengal Initiative for MultiSectoral Technical and Economic Cooperation) countries - Thailand, Myanmar, Bangladesh, Sri Lanka, Bhutan and Nepal.
Officials from all the countries met in Phuket, Thailand recently to conclude the negotiations after 18 rounds which have been ongoing since 2004. Commerce ministers are expected to approve the deal in the coming months, paving the way for a signing possibly by year’s end. The India-ASEAN FTA too is waiting for a signature around October, which is the time Thailand has set for the twice-postponed East Asia Summit.
The free trade agreement will be in addition to other agreements that are already in play. For instance, India already has an FTA with Sri Lanka. Thailand and Myanmar will be covered under the India-ASEAN FTA as well.
BIMSTEC is an international organization involving a group of countries in South Asia and South East Asia.
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