Hope and disappointment: Why BIMSTEC is yet to realise its ambitions

Calls for an early conclusion to an FTA have gone nowhere in five years as members have not been able to reach a consensus over issues such as market access or a dispute settlement mechanism

At the recently concluded 6th BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Summit in Bangkok, the seven member states pledged to “swiftly” conclude the BIMSTEC Free Trade Area Agreement (FTA) and directed the Trade Negotiating Committee (TNC) and its working groups to finalise the constituent agreements “without further delay”.

 

However, the language evoked a sense of deja vu, with its striking resemblance to the Kathmandu Summit declaration five years ago in 2018, where leaders had similarly called for an “early conclusion” of the FTA, and raised questions about the seriousness of the member countries’ intent to