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The Framework Agreement on Bay of Bengal Initiative for Multi- Sectoral Technical and Economic Cooperation (BIMSTEC) Free Trade Agreement (FTA) was signed in February 2004. The Framework Agreement includes provision for negotiation of FTA on goods amongst the member countries, viz. Bhutan, Bangladesh, India, Myanmar, Nepal, Sri Lanka, and Thailand. As per the schedule given in the Agreement, the tariff liberalization programme shall commence on 1st July, 2006.
Member countries of BIMSTEC have constituted the Trade Negotiating Committee (TNC) to carry forward the programme, as stipulated in the Framework Agreement and the TNC is undertaking the negotiations as per schedule.
This was stated by Shri EVKS Elangovan, Minister of State for Commerce & Industry, in a written reply in the Rajya Sabha today
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