A formal meeting of the Trade Negotiation Committee of the Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation (BIMST-EC) kicked off in Kathmandu Tuesday.

"The three-day meeting, which is being held for the first time in Nepal, is expected to give the bloc's free trade area (FTA) accord a final shape," an official from Nepali Ministry of Industry, Commerce and Supplies told reporters.

The committee, a body entrusted for finalizing the bloc's FTA accord, will first settle the provisions for trade in goods, one of three in-built components of the accord, the official said on condition of anonymity.

Trade in services and investment agreement are the other two components of the accord, he said, adding that the BIMST-EC members adopted the preliminary framework of the accord in February 2004.

The meeting would also discuss in brief other issues like tariff and customs harmonization under the FTA and a sensitive list to exempt industries and products from tariff liberalization program, he added.

Established in 1997, the BIMST-EC now groups seven countries including India, Bangladesh, Sri Lanka, Thailand, Myanmar, Nepal and Bhutan, located around the Bay of Bengal.

The current areas of cooperation in the regional group are technology, trade and investment, transport and communication, energy, tourism and fisheries.

Source: Xinhua