What is the primary goal of the BIMSTEC Free Trade Area (FTA)?
Show answer & explanation
Correct answer: A
Explanation
Answer: To reduce trade barriers and enhance economic cooperation
Explanation: The primary objective of the BIMSTEC Free Trade Area (FTA) is to promote trade and economic integration among member countries by reducing tariffs and other trade barriers.
BIMSTEC stands for Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation.
The FTA aims to:
Lower or eliminate tariffs
Increase trade among member nations
Strengthen regional economic cooperation
Additional Key Points:
BIMSTEC members: India, Bangladesh, Bhutan, Nepal, Myanmar, Sri Lanka, Thailand
It connects South Asia and Southeast Asia
Focus sectors include:
Trade and investment
Transport and connectivity
Energy cooperation
Counter-terrorism and security
Headquartered in Dhaka, Bangladesh
Potential Exam-Oriented Questions & Answers:
Question: What is the main goal of BIMSTEC FTA?
Answer: To reduce trade barriers and promote economic cooperation
Question: Which regions does BIMSTEC connect?
Answer: South Asia and Southeast Asia