Formation of BIMSTEC Chamber of Commerce Decided at Business Summit

A significant decision has been made to form the BIMSTEC Chamber of Commerce, a move that promises to strengthen economic collaboration among member nations. The decision was reached during the BIMSTEC Business Summit, which saw the participation of presidents and representatives from regional chambers of commerce, alongside BIMSTEC Secretary General Indra Mani Pandey.

Nepal’s representation in this newly proposed chamber will be led by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), which will serve as a founding member. Chandra Prasad Dhakal, President of FNCCI, expressed his satisfaction at the impending formation of the chamber, which aligns with a proposal he had put forward last year. During the meeting, President Dhakal emphasized the need for the immediate formation and implementation of the chamber’s constitution.

The proposal to establish the BIMSTEC Chamber of Commerce was initially presented at the BIMSTEC Trade Summit held in New Delhi, India. It was formally discussed at a meeting of representatives from BIMSTEC member chambers on Wednesday.

According to the proposal, each member nation will have one chamber included in the BIMSTEC Chamber of Commerce. This chamber is expected to play a pivotal role in accelerating the formation and implementation of the BIMSTEC Free Trade Agreement, thereby boosting regional trade.

Discussions during the meeting also included a proposal from the Confederation of Indian Industry (CII) for the BIMSTEC Chamber’s secretariat to be established at its office in New Delhi. The chamber’s presidency will rotate among member nations.

In addition to President Dhakal, the meeting was attended by FNCCI Past President Bhawani Rana and Senior Vice President Anjan Shrestha. Their participation underscores Nepal’s active involvement in fostering regional economic cooperation through this new initiative.