India and six other countries of BIMSTEC -- a regional grouping that seeks to connect South Asia with Southeast Asia -- have accelerated their efforts to conclude a free trade area agreement by February next year, according to Indo-Asian News Service Wednesday.

"We urged that the negotiations on trade in goods under the FTA be concluded before the next summit," said a joint statement issued after a meeting of BIMSTEC ministers that concluded Wednesday.

The Bay of Bengal Initiative for Multi-Sector Technical and Economic Cooperation (BIMSTEC) includes India, Bangladesh, Bhutan, Myanmar, Nepal, Sri Lanka and Thailand.

India will host the second BIMSTEC summit on Feb. 8 next year.

The FTA is expected to "increase trade and investment, enhance competitiveness and promote socio-economic development" in the region.

Besides trade and investment, the BIMSTEC countries also decided to step up transport and connectivity, promote energy security and tourism in the region.

BIMSTEC countries also decided to accelerate cooperation in the crucial area of counter-terrorism and take steps to address issues relating to financing of terrorism, intelligence sharing, legal and law enforcement and prevention of drug trafficking.

"Energy is one of the most active areas of cooperation among BIMSTEC countries," said B. Bishnoi, joint secretary in Indian external affairs ministry.

"To achieve this aim, the BIMSTEC Energy Center will be up in India soon," he added. "This would act as a focal point for strengthening cooperation in the energy sector through sharing of experience and capacity building," the joint statement said.

BIMSTEC was set up in June 1997 to foster socio-economic cooperation among Bangladesh, India, Sri Lanka and Thailand. Myanmar was admitted as a full member in December 1997. Bhutan and Nepal were admitted in 2004.

Source: Xinhua