Indian External Affairs Minister Sushma Swaraj yesterday expressed satisfaction over rapid growing cross-border exchange of power among India, Nepal, Bhutan and Bangladesh. "I'm happy to note that cross-border exchange of power among India, Nepal, Bhutan and Bangladesh is on rapid upswing," she said while addressing 15th Bimstec Ministerial meeting in Kathmandu, reports UNB.
The Indian Minister said energy is considered the engine of economic development and the region is blessed with abundant energy resources. "Bimstec MoU on Grid Interconnection, which has been finalized, would further facilitate regional energy trade," she said.
Foreign Minister AH Mahmood Ali also attended the meeting with Deputy Prime Minister and Foreign Minister of Nepal Krishna Bahadur Mahara in the chair. Bimstec has a combined GDP of over US$ 2.85 trillion and the member states think there remains an immense unfulfilled potential for deeper economic integration.
The Indian Minister said along with the work on Bimstec FTA, the Bimstec Trade Facilitation Agreement and the Bimstec Agreement on Mutual Assistance on Customs Matters would fasten trade, and must be concluded at the earliest.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven Member States lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
-AA News Desk
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