Fourth BIMSTEC Summit begins

KATHMANDU: The inaugural session of the fourth summit of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has begun.

Chairperson of the fourth summit, Prime Minister KP Sharma Oli inaugurated the session as the head of government of the host nation.

The Prime Minister stated that an early conclusion of the agreements on trade in goods, trade in services, investment, mutual assistance in customs matters, dispute settlement and trade facilitation is the need of hour to enable BIMSTEC to effectively move forward.

"All the Member States of BIMSTEC are connected with Buddhism in one way or the other. I underline the importance of developing and operating a Buddhist Circuit in the region to promote connectivity and tourism," PM Oli said.

Prime Minister of Bangladesh Sheikh Hasina Wazed, Chief Justice of Bhutan Tshering Wangchuk who is also the Chief Advisor to the intertim government of Bhutan, Prime Minister of India Narendra Modi, President of Myanmar Win Myint, President of Sri Lanka Maithripala Sirisena and Prime Minister of Thailand Prayut Chan-o-Cha are attending the summit.

The summit attended by top-dignitaries of seven member-states will focus on connectivity, poverty alleviation, trade, investment, tourism, climate change and security challenges. Other areas of discussion are strengthening and making effective the BIMSTEC secretariat, the establishment of BIMSTEC development fund, Buddhist circuit, setting up of regional centres, adoption of BIMSTEC charter and rationalisation of priority areas.

The summit will also witness the signing of a Memorandum of Understanding for the Establishment of the BIMSTEC Grid Interconnections, paving the way for trade in energy among member states.

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