Bimstec Framework Agreement

The sixth meeting of BIMSTEC TEMM will take place in Dhaka, Bangladesh. At the 17th meeting of the Senior Official Meeting (SOM) held in Kathmandu on 7 February 2017, the Bangladeshi delegation said that the dates of the fifth meeting of the Main Trade/Economic Officials (STOEM) and the sixth BIMSTEC TEMM will be communicated after the conclusion of the three agreements and a protocol under negotiation with BIMSTEC FTA. International investment agreements (IIAs) are divided into two types: (1) bilateral investment agreements and (2) investment agreements. A bilateral investment agreement (BIT) is an agreement between two countries on the promotion and protection of investments made by investors of the countries concerned in the territory of the other country. The vast majority of AIIs are BITs. The category of contracts with investment rules (TIPs) includes different types of investment agreements that are not NTBs. Three main types of NTPs can be distinguished: 1. global economic contracts, which contain obligations usually found in THE ILO (e.g. B a free trade agreement with an investment chapter); (2) contracts with limited investment provisions (e.g. B only those relating to the creation of investments or the free transfer of investment funds); and (3) contracts that contain only “framework clauses”, such as. B those relating to cooperation in the field of investment and/or a mandate for future negotiations on investment issues. In addition to AIIs, there is also an open category of investment-related instruments (IRIs).

It includes several binding and non-binding instruments, such as model agreements and drafts, multilateral conventions on dispute settlement and arbitration rules, documents adopted by international organizations and others. “The BIMSTEC free trade zone, which has been planned for a long time, must be set up as soon as possible. Considerable progress has been made in completing the Agreement on Trade in Goods, which was to be signed as soon as possible,” DB Paudel, Director of the BIMSTEC Secretariat, told an event organised by the Indian Chamber of Commerce (ICC). In addition, an agreement on cooperation and mutual assistance in customs matters should be concluded soon in order to simplify customs procedures, he stressed. . . .