Today’s regional cooperation is not a choice, but it is an essential part of national politics for implementing trade protection policies, climate conditions, and energy security, said Deputy Minister for Commerce U Min Min at the BIMSTEC business summit.
The BIMSTEC business summit took place at Hotel Taj Palace in New Delhi, India, from 6 to 8 August.
The deputy minister highlighted that BIMSTEC member states have to overcome challenges and difficulties in present global economic and political situations.
As such, he added that now is the time to implement the BIMSTEC Free Trade Agreement, adding that it is necessary to beef up the finalization of its process.
He explained that Myanmar is taking responsibility as a leading country in the agriculture and food security sector of BIMSTEC.
The deputy minister emphasized discussions on diverse businesses, economic development and enhancement of competitiveness in the economic sector, which are potential outcomes of the international reform process of the BIMSTEC FTA.
Minister of State for External Affairs Pabitra Margherita launched the summit on the evening of 6 August, aiming to talk about strategic cooperation in better trade and economic prospects and creating a free and smooth environment for the economic sector.
On 7 August, ministers, deputy ministers and high-ranking officials from BIMSTEC member states, including the Deputy Minister for Commerce of Myanmar, delivered speeches on the implementation of the BIMSTEC FTA.
Director General U Tin Zaw Myint of the Oil and Gas Planning Department, Executive Officer Daw Hla Hla Yi of UMFCCI, Secretary General of UMFCCI Daw Khine Khine Nwe, Central Executive Officers U Tun Tun Naing and Daw Nang Kalya Win of UMFCCI participated in the discussions on relevant sectors.
The summit was also attended by ambassadors from BIMSTEC member states, including Myanmar Ambassador to India U Moe Kyaw Aung, delegates from chambers of commerce, businesspersons, policy observers, research organizations and experts, totalling more than 500.
The deputy minister and party arrived back in Yangon from New Delhi yesterday afternoon. — MNA/TTA
