India’s share of imports from the BIMSTEC countries was over $9.26 billion in 2014-15, a meagre 2.06% of its overall inbound shipment
The Dollar Business Bureau
India’s export to the countries of BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation was registered $22.28 billion during the last financial year, the government said on Monday.
BIMSTEC—a grouping of countries from South and South East Asia—includes Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
Sir Lanka with Indian imports worth $6.70 billion accounted for the maximum 2.16% share of India’s exports. It followed by Bangladesh with imports from India worth $6.45 billion, sharing 2.08% of shipments. India’s export to Nepal was $4.59 billion which accounted for 1.47% of exports, while shipment to Thailand was $3.46 billion which accounted for 1.12% export share.
Export share of Myanmar and Bhutan remained 773.24 million at 0.25% and 333.94 million at 0.11% respectively.
In 2014-15, India’s accumulative exports to the BIMSTEC were a little over $22.28 billion, accounting for 7.19% of the country’s overall exports.
India’s share of imports from the BIMSTEC countries was over $9.26 billion in 2014-15 - a meagre 2.06% of its overall imports.
India has entered into a free trade agreement (FTA) with BIMSTEC countries in 2004. The Framework Agreement also has provisions for negotiation of FTA on goods, services, investment and economic cooperation amongst the member countries.
“The Member countries of BIMSTEC have constituted the Trade Negotiating Committee (TNC) to carry forward the negotiations in accordance with the Framework Agreement. So far 20 Rounds of negotiations have been held,” Minister of Commerce and Industry Nirmala Sitharaman said in response to a query in the Lok Sabha on Monday.
Sir Lanka with total Indian imports worth $6.70 billion accounted for the maximum 2.16% share of India’s exports
December 01, 2015 | 4:55pm IST