<p>The Centre seeks to ensure that industries, especially those located near the Bay of Bengal, become a part of the regional value chains that are in operation in the east and south-east Asia, a Ministry of External Affairs official said on Saturday.</p>.<p>Such an integration is the best way to leverage the advantage of the North-eastern part of the country and foster rapid industrialisation, he said.</p>.<p>“You are aware that economic integration with dynamic economies of ASEAN and East Asia region is the key pillar of the government's Act East Policy,” Joint Secretary, BIMSTEC & SAARC, Ministry of External Affairs, Rudrendra Tandon, said at an ICC organised virtual event.</p>.<p>The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an organisation comprising seven countries lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.</p>.<p>The seven BIMSTEC members are Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.</p>.<p>“With production technologies rapidly unbundling themselves, Indian companies cannot become world-class enterprises unless they are part of or at the centre of regional value chains,” Tandon said</p>.<p>“Eventually, the factories will have to be based partly in India, and their subsidiaries and partners spread out in low-cost jurisdictions in contiguous neighbourhood BIMSTEC countries. All this will not be possible unless goods and services can move rapidly across national boundaries,” he said.</p>.<p>Market access, trade facilitation and investment protection are the three most critical pillars of modern-day trade agreements, the official pointed out.</p>.<p><strong>Check out latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>
<p>The Centre seeks to ensure that industries, especially those located near the Bay of Bengal, become a part of the regional value chains that are in operation in the east and south-east Asia, a Ministry of External Affairs official said on Saturday.</p>.<p>Such an integration is the best way to leverage the advantage of the North-eastern part of the country and foster rapid industrialisation, he said.</p>.<p>“You are aware that economic integration with dynamic economies of ASEAN and East Asia region is the key pillar of the government's Act East Policy,” Joint Secretary, BIMSTEC & SAARC, Ministry of External Affairs, Rudrendra Tandon, said at an ICC organised virtual event.</p>.<p>The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an organisation comprising seven countries lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.</p>.<p>The seven BIMSTEC members are Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.</p>.<p>“With production technologies rapidly unbundling themselves, Indian companies cannot become world-class enterprises unless they are part of or at the centre of regional value chains,” Tandon said</p>.<p>“Eventually, the factories will have to be based partly in India, and their subsidiaries and partners spread out in low-cost jurisdictions in contiguous neighbourhood BIMSTEC countries. All this will not be possible unless goods and services can move rapidly across national boundaries,” he said.</p>.<p>Market access, trade facilitation and investment protection are the three most critical pillars of modern-day trade agreements, the official pointed out.</p>.<p><strong>Check out latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>