BIMSTEC Chamber of Commerce to be formed

KATHMANDU: The 1st BIMSTEC Business Summit held in New Delhi, India, has decided to form the BIMSTEC Chamber of Commerce.

The decision was reached at a meeting held during the BIMSTEC Business Summit in New Delhi on Thursday. Presidents and representatives of chambers of commerce from the region, as well as the Secretary General of BIMSTEC, Indra Mani Pandey, attended the meeting, according to a statement issued by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

FNCCI will be a founding member of the BIMSTEC Chamber of Commerce, representing Nepal, the statement added.

FNCCI President Chandra Prasad Dhakal said that the chamber was being formed as per the proposal that he made last year. Speaking in the meeting, Dhakal called for the immediate formation and implementation of the chamber’s constitution.

One chamber from each member nation will be included in the BIMSTEC Chamber of Commerce, according to the statement.

“The BIMSTEC Chamber is expected to accelerate the formation and implementation of the BIMSTEC Free Trade
Agreement,” the statement added.

Confederation of Indian Industries has proposed to host the BIMSTEC Chamber of Commerce Secretariat at its office in New Delhi, while the presidency of the chamber will be held on a rotational basis.