Search Result for : Bimstec

The Dollar Business Bureau Jayant Sinha, the Union minister for Civil Aviation proposed the Ude Desh ka Aam Nagrik (UDAN) scheme that would connect the smaller towns across the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) region. Adding that such a move will be similar on the lines of the Open Sky Agreement that India enjoys with the SAARC countries, he said, "We can sign an MoU with different countries to be able to provide support for an UDAN-type scheme across the BIMSTEC community. Of course, we will have to couple that with something like an Open Sky Agreement so that airlines can fly freely," Sinha told reporters. Under the Open Sky Agreement (OSA), signed in 2016, New ...

The Dollar Business Bureau  A Memorandum of Understanding (MoU) on grid interconnections for smooth power sharing infrastructure in the South Asian region was finalised by seven partner countries of BIMSTEC in January 2017. Bangladesh, Myanmar, Nepal, Bhutan, Thailand, Sri Lanka and India had together initiated the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) in 2005 to formulate the "Plan of Action for Energy Cooperation in BIMSTEC".  Giving a nod to a proposal forwarded by the Ministry of Power on April 12, the Cabinet approved the signing of "Memorandum of Understanding for Establishment of the BIMSTEC Grid Interconnection".  Negotiations for the agreement have been ongoing for years. During the period, a total of five meetings were held under the banner 'Task Force for BIMSTEC on Trans-power Exchange', to reach consensus. Once a draft MoU ...

The Dollar Business Bureau Expressing solidarity and unstinted support to its traditionally close neighbor, India on Wednesday signed three key agreements with Myanmar to enhance bilateral cooperation in banking, insurance and power sector. On Wednesday, Aung San Suu Kyi, State Counsellor of Myanmar met the Indian Prime Minister Narendra Modi, during which the two sides agreed to remove impediments to trade and commerce to fully exploit bilateral trade and investment potential. Pitching Myanmar as an attractive investment destination, the visiting side also urged the Indian companies to explore the country’s petrochemical and petroleum sector, marketing infrastructure sector and the setting up of LPG terminals. India also expressed support for Myanmar’s efforts in the economic and social development of the ...

The Dollar Business Bureau  The leader of the National League for Democracy of Myanmar, Daw Aung San Suu Kyi, will be visiting India on October 16 during a four-day tour which will also be marked by attending the BRICS-BIMSTEC Outreach Summit in Goa. She assumed her duties as the country’s foreign minister in March this year. Suu Kyi is expected to take up key bilateral and regional issues with Narendra Modi who has invited her for a state visit from October 17-19, 2016. She will head for the visit right after the completion of the BRICS-BIMSTEC Outreach Summit on October 16. Suu Kyi’s state visit will pave way for discussions of mutual interests to consolidate the already strong ties existing between the two nations, according to a ...

The Dollar Business Bureau Chinese President Xi Jinping is all set to attend the BRICS summit to be held in Goa during his four-day tour to India, Cambodia and Bangladesh respectively. Jinping will meet India’s Prime Minister Narendra Modi on the sidelines of the summit which is scheduled to take place on October 15. The annual summit will be attended by the heads of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) countries that includes Bangladesh, Bhutan, Nepal, Sri Lanka, Myanmar and Thailand along with member countries of BRICS (Brazil, Russia, India, China and South Africa). The Chinese President will meet 11 government heads in total. One of the highlights of Jinping’s tour is his visit to Bangladesh, an important event which is taking place ...

The Dollar Business Bureau India envisages to utilise the upcoming BRICS trade fair, business forum & business council meeting to stimulate the BRICS strategy for economic partnership among the member countries. This month, New Delhi will host a series of BRICS programmes - BRICS Trade Fair on October 12-14, BRICS Business Forum on October 13 and BRICS Business Council on October 14 - to deepen intra-BRICS economic engagement, trade and investment ties. BRICS countries’ trade with the rest of the world has continued to increase over the years. Merchandise exports of the five-member bloc have increased from $3.2 trillion in 2012 to $3.47 trillion in 2014. The Merchandise imports into the BRICS countries have also stretched from $2.95 trillion in 2012 to $3.03 trillion ...

The Dollar Business Bureau An ASSOCHAM study on Thursday recommended India to conclude its trade negotiations with the BIMSTEC countries and make attempts to operationalise the Bay of Bengal free trade agreement (FTA) to stimulate trade in the region. “BIMSTEC FTA may help activate production links among member countries and help in rationalising various non-tariff measures (NTMs) which would give big push to regional trade and generate regional value chains.”ASSOCHAM cited in its study: BIMSTEC Economic Integration: Opportunities and Challenges. “To achieve trade and connectivity, the FTA, which has been under negotiation since the inception of BIMSTEC, needs to be accomplished and all other areas of cooperation will follow once the member countries are connected and trade and commerce flourishes,” observed the study. The study ...

Indias share of imports from the BIMSTEC countries was over $9.26 billion in 2014-15, a meagre 2.06% of its overall inbound shipment The Dollar Business Bureau Sir Lanka with total Indian imports worth $6.70 billion accounted for the maximum 2.16% share of Indias exports   Indias export to the countries of BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation was registered $22.28 billion during the last financial year, the government said on Monday. BIMSTECa grouping of countries from South and South East Asiaincludes Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. Sir Lanka with Indian imports worth $6.70 billion accounted for the maximum 2.16% share of Indias exports. It followed by Bangladesh with imports from India worth $6.45 billion, sharing 2.08% ...