Thailand proposes creation of BIMSTEC Free Trade Agreement
Thailand has proposed the creation of a BIMSTEC Free Trade Agreement (FTA) to enhance intra-regional trade, and strengthen the economies of countries in the regional group.
Leaders of Thailand, India, Myanmar, Bangladesh, Nepal, Bhutan and Sri Lanka pose for a group photo at the event. Photo courtesy of The Nation.
Thai Prime Minister Paetongtarn Shinawatra raised the initiative at the sixth summit of the group, officially known as the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), on Friday in Bangkok.
She believed that this FTA would unlock the economic potential of the region, creating new opportunities for all member nations.
Thailand also proposed establishing a BIMSTEC business advisory council to enhance the role of small and medium-sized enterprises (SMEs) in the region’s future growth.
The summit, hosted by the Thai government after a seven-year hiatus of in-person meetings, aimed to discuss a unified vision for the region’s future. The event saw the presence of leaders from seven countries, namely India, Nepal, Bhutan, Sri Lanka, Myanmar, Bangladesh and Thailand.
The leaders endorsed the “Vision Bangkok 2030” presented by the Thai PM, which seeks to improve economic connectivity, address climate change and prepare for regional challenges that affect over 1.8 billion people across the member states.
Paetongtarn stated that the document will serve as a blueprint for future cooperation among members of the bloc, which has a combined gross domestic product of $4.5 trillion.
The summit also focused on environmental sustainability and healthcare. The Thai PM called for the development of digital infrastructure and the use of advanced technologies such as AI to tackle climate change and pandemics. She proposed creating a “Centre of Excellence for Tropical Medicine” within BIMSTEC to address the region’s unique healthcare needs.
Additionally, Paetongtarn supported India’s proposal to establish a BIMSTEC disaster management centre to enhance the region’s disaster response capabilities.
In addition to economic and environmental discussions, the summit addressed pressing issues such as transnational crimes, including human tracking, the illicit drug trade and cybercrime. The leaders also emphasised the importance of youth engagement and gender equality for the long-term stability and cohesion of the region.
The group signed six agreements, including on maritime transport cooperation to boost connectivity between South and Southeast Asia and disaster prevention.
- Read More
Listed Vietnamese companies almost not involved in 'transshipping': Dragon Capital
Only about 1.5% of the total revenue of Vietnamese companies listed on the Ho Chi Minh Stock Exchange (HoSE) comes from exports to the U.S., meaning "transshipping" is almost irrelevant, says Dragon Capital, a leading foreign-run asset management firm in Vietnam.
Economy - Sun, July 6, 2025 | 1:39 pm GMT+7
Indonesia maintains lowest debt ratio among G20 members
Indonesia’s external debt-to-GDP ratio stood at 30.6% in the first quarter of 2025, the lowest among the Group of Twenty (G20) comprising major developed and emerging economies, according to data from the Bank of Indonesia.
Southeast Asia - Sun, July 6, 2025 | 11:27 am GMT+7
Thailand's digital GDP expected to grow 6.2% this year
The Digital Economy and Society (DES) Ministry of Thailand expects digital GDP this year to expand by 6.2% year-on-year, despite the potential impact of the U.S.'s reciprocal tariffs.
Southeast Asia - Sun, July 6, 2025 | 10:44 am GMT+7
Healthcare M&As surge in Vietnam on foreign capital inflows
Despite a global downturn in healthcare M&A activity, Vietnam’s market has witnessed major deals in the first half of 2025.
Finance - Sun, July 6, 2025 | 10:40 am GMT+7
Vietnam’s cement giant Vicem posts profit after 2 years of losses
After two consecutive years of losses, Vietnam Cement Industry Corporation (Vicem) has reported a consolidated after-tax profit of over VND34 billion ($1.3 million) in the first half of 2025.
Companies - Sun, July 6, 2025 | 8:00 am GMT+7
Indonesia, Saudi Arabia sign $10 bln deal on green projects
Indonesia’s sovereign wealth fund (SWF) Danantara has signed an MoU with ACWA Power, a Saudi Arabian leading green energy corporation, to explore investments in renewable energy projects with total funding estimated at up to $10 billion.
Southeast Asia - Sat, July 5, 2025 | 11:26 pm GMT+7
Thailand yet to reach tariff deal with US: official
Thailand has yet to conclude negotiations with the U.S. on reciprocal tariffs but has gained “valuable insights” that will guide the development of a revised proposal, Thai Deputy Prime Minister Pichai Chunhavajira said on Friday.
Southeast Asia - Sat, July 5, 2025 | 11:24 pm GMT+7
Soilbuild International starts work on $60 mln ready-built industrial facility project in northern Vietnam
Singapore-based real estate developer Soilbuild International has broken ground on a $60 million ready-built industrial facility in Vietnam’s northern province of Hung Yen.
Industrial real estate - Sat, July 5, 2025 | 11:20 pm GMT+7
Phu Quoc casino owner issues $91.67 mln bonds in capital restructuring
Phu Quoc Tourism Development and Investment JSC, owner of the Corona casino on Vietnam’s resort island of Phu Quoc, has completed the issuance of VND2.4 trillion ($91.67 million) in five-year bonds as part of its capital restructuring plan.
Companies - Sat, July 5, 2025 | 5:54 pm GMT+7
SK Group pushes for potential investment in $2.2 bln LNG-fired power plant in central Vietnam
A delegation from South Korean chaebol SK Group has held a second round of talks with Nghe An province authorities to explore investment opportunities for a $2.2 billion LNG-fuelled power plant project.
Energy - Sat, July 5, 2025 | 1:47 pm GMT+7
Vietnam GDP grows 7.52% in H1, 15-year record high
Vietnam's economic growth rate reached 7.52% in the first six months of the year, a record high in the period 2011-2025, the General Statistics Office reported on Saturday.
Economy - Sat, July 5, 2025 | 10:46 am GMT+7
Vietnam needs two-pronged policy approach to mitigate impact of rising oil prices: RMIT experts
A surge in global oil prices poses a significant threat to Vietnam’s economy and to cushion these impacts, the country needs a two-pronged policy approach, write Dr Vu Hong Nhung and Dr Phan Thanh Chung, lecturers at the economics and finance department, Business School, RMIT University Vietnam.
Consulting - Sat, July 5, 2025 | 8:54 am GMT+7
Vietnam's registered FDI tops $21 bln in H1, highest in 16 years
Registered foreign direct investment (FDI) in Vietnam hit over $21.51 billion in the first half of the year, up 32.6% and a record high since 2009, while disbursed capital reached $11.72 billion, up 8.1%.
Economy - Fri, July 4, 2025 | 8:50 pm GMT+7
Gemadept’s southern Vietnam port receives mega container ships
Within just over two years of trial operations (from March 2023 to May 2025), Gemalink Port of Vietnamese logistics giant Gemadept in Ba Ria-Vung Tau has safely received 70 container vessels of over 200,000 DWT (up to 232,494.5 DWT) under partially loaded conditions.
Companies - Fri, July 4, 2025 | 4:54 pm GMT+7
Agro-forestry-fisheries exports near $34 bln in H1
Vietnam’s agro-forestry-fisheries exports hit $33.84 billion in the first half of 2025, marking a 15.5% increase year-on-year.
Economy - Fri, July 4, 2025 | 3:36 pm GMT+7
Malaysia’s data center operators struggle due to power cost hike
Malaysia’s data center sector is projected to grow at a 22% CAGR from 2023 to 2029 due to cost competitiveness, skilled workforce, and a robust digital ecosystem, according to a report by global investment bank ARC Group.
Southeast Asia - Fri, July 4, 2025 | 3:23 pm GMT+7
