A Framework Agreement for BIMSTEC Free Trade Area was signed in Phuket, Thailand in February, 2004, which commits the parties to negotiate FTAs in goods, services and investments.
An agreement on Trade in Goods and other provisions relating to rules of origin, operational certification procedures and pact on Customs cooperation was finalised in June, 2009. India has exchanged its tariff preference schedules with member countries.
Leaders at the upcoming meeting are expected to ink pacts on setting up of BIMSTEC Centre on Weather and Climate in India and Cultural Industries Observatory in Bhutan besides establishment of the permanent secretariat in Dhaka for which India has pledged contribution of 32 per cent of annual expenditure incurred there.
"Our stakes in BIMSTEC are significant and will grow further as the grouping matures," the Foreign Secretary stressed.
The summit will be preceded by ministerial meeting which will be attended by External Affairs Minister Salman Khurshid and at the senior official level by the Foreign Secretary.
During the visit, the Prime Minister will have bilateral meetings with Sri Lankan President Mahindra Rajapaksa, Bangladesh Prime Minister Sheikh Hasina and other leaders.
His talks with Rajapaksa takes place three months after he had skipped a visit to the island nation to attend the Commonwealth Heads of Government Meeting (CHOGM) due to pressure from Tamil parties and within government.
Sri Lanka has rejected a call by the UN for an independent international probe into allegations of war crimes.
