Editorial
FTA deal
Were we left out in the cold?
Bangladesh's failure to sign up to a framework agreement on free trade in the BIMST-EC region while other member-states did it, has taken us by surprise. The reasons why this has made us sit up and take note are: one, Bangladesh's demand for compensation for any revenue lost due to the elimination of tariffs should have been resolved by now; two, if other relatively less developed countries within the grouping were associated with it, how could they sign the accord to the exclusion of Bangladesh; and last but not least, was there enough deliberation and information sharing about Bangladesh's likely stance on the issue with the private sector business and trading bodies before it was eventually adopted? All these lend themselves to an interpretation that Bangladesh delegation worked itself into a corner and was left out in the cold on this particular score.
The issue before us is not so much the rationale of Bangladesh's demands but whether the situation was handled as diplomatically and professionally as one would have expected at that level -- to yield a favourable result.
The potential benefits of the BIMST-EC grouping extend beyond a freer trading regimen among member countries. Other benefits of enhanced cooperation would be improving transport links within the region, a joint coastal shipping agreement, and joint projects to develop the entire region.
Bangladesh as a founder-member of the BIMST-EC cannot but stand firmly committed to regional cooperation and the concept of free trade within the grouping. That is the signal we must steadfastly beam to our partners in the grouping.
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