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by Don Asoka Wijewardena

The fourth Trade and Economic Ministers Meeting of the BIMST-EC (Bangladesh, India, Myanmar, Sri Lanka and Thailand-Economic Cooperation) took place in Colombo last week. Amir Khosru Chowdhry, Minister of Commerce of Bangladesh, Rajiv Pratap Rudy, Minister of Commerce and Industry, Brigadier General D.O. Abdel, Minister to the Chairman's Office, State Peace and Development Council of the Union of Myanmar and Mahesh Lal Pradhan, Minister of Industry, Supplies and Commerce of Nepal participated at the meeting.

The fourth BIMST-EC Trade Economic Ministerial Meeting was inaugurated in Colombo on Friday. From left: Minister of Commerce of Thailand Adisai Bodharamik, Minister of Commerce and Consumer Affairs Ravi Karunanayake, Minister of Power and Energy Karu Jayasuriya, Minister to the Chairman’s Office, State Peace and Development Council of the Union of Myanmar Brig Gen D.O. Abdel and Minister of Industry, Commerce and Supplies of Nepal Mahesh Lal Pradhan at the meeting. Pic: by Saman Sri Wedage.

Inaugurating the meeting, Commerce and Consumer Affairs Minister Ravi Karunanayaka said that the BIMST-EC meeting, held about three months ago, was of great importance to Sri Lanka's economic development and was a clear testimony to the political will of the Government's commitment to develop the country. He emphasised that Prime Minister Ranil Wickremesinghe's inaugural address during the previous meeting, in which he said that the challenge facing BIMST-EC was to bear the odds and create a free trade area that actually delivered free trade and led to a stronger economic foundation for the region, was more appropriate at present.

Karunanayaka further said that it was the bounden duty of all BIMST-EC ministers to be responsible for trade and economic cooperation in the region and assured that they had the courage and wisdom to accomplish the vision and mission of BIMST-EC. Minister of Power and Energy Karu Jayasuriya said the Prime Minister had emphasised on setting deadlines and achieving targets within the given timeframes regarding all spheres of development. He noted that the Government took a decision to promote a new culture of keeping to time schedules in the 'Regaining Sri Lanka' document, which outlined the renewed vision of the country.

Jayasuriya pointed out that a mutual relationship between public and private sectors was important to develop the economy as the Government was placing a major share of responsibility on the private sector for accelerating economic growth, increasing employment and income and providing the necessary resources for reconstruction projects with the achievement of durable and sustainable peace.

He stressed the importance of trade liberalisation and moving towards free trade. When nations around the globe are moving towards a knowledge-based economy, meaningful interaction among the BIMST-EC members cannot be sustained by inter-governmental contacts alone.

He said that enhanced interaction among business communities of the BIMST-EC countries is a prerequisite for the development and maintenance of healthy commercial relations.

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