New Delhi, Aug 9 (IANS) India and six other countries of BIMSTEC - a regional grouping that seeks to connect South Asia with Southeast Asia -- have accelerated their efforts to conclude a free trade area agreement by February next year.

"We urged that the negotiations on trade in goods under the FTA be concluded before the next summit," a joint statement issued after a meeting of BIMSTEC ministers that concluded here Wednesday said.

The Bay of Bengal Initiative for Multi-Sector Technical and Economic Cooperation (BIMSTEC) includes India, Bangladesh, Bhutan, Myanmar, Nepal, Sri Lanka and Thailand.

India will host the second BIMSTEC summit Feb 8 next year.

The FTA is expected to "increase trade and investment, enhance competitiveness and promote socio-economic development," in the region.

Besides trade and investment, the BIMSTEC countries also decided to step up transport and connectivity, promote energy security and tourism in the region.

Minister of State for External Affairs E. Ahamed represented India at the ministerial meeting of the regional groping. The meeting was also attended by foreign ministers of Bangladesh (M. Morshed Khan), Bhutan (Lyonpo Khandu Wangchuk), Myanamar (U. Nyan Win), Sri Lanka (Mangala Samaraweera), Thailand (Kantathi Suphamongkhon) and finance minister of Nepal Ram Sharan Mahat.

"The BIMSTEC ministers collectively called on Prime Minister (Manmohan Singh). The prime minister hosted lunch for them," external affairs ministry spokesperson Navtej Sarna told reporters.

Over lunch, the prime minister described BIMSTEC as a 'historic opportunity to link south and southeast Asia' and underlined the importance of concluding an FTA quickly, Sarna added.

BIMSTEC countries also decided to accelerate cooperation in the crucial area of counter-terrorism and take steps to address issues relating to financing of terrorism, intelligence sharing, legal and law enforcement and prevention of drug trafficking.

The ministers reviewed the working of a joint working group on counter-terrorism and trans-national crimes and approved the report of the second meeting of the group held here over three months ago.

"Energy is one of the most active areas of cooperation among BIMSTEC countries," B. Bishnoi, joint secretary in the external affairs ministry, told reporters.

"To achieve this aim, the BIMSTEC Energy Centre will be up in India soon," he added. "This would act as a focal point for strengthening cooperation in the energy sector through sharing of experience and capacity building," the joint statement said.

BIMSTEC was set up in June 1997 to foster socio-economic co-operation among Bangladesh, India, Sri Lanka and Thailand. Myanmar was admitted as a full member in December 1997. Bhutan and Nepal were admitted in 2004.

The inter-regional grouping seeks to promote cooperation between the five SAARC countries and two Association of South East Asian Nations (ASEAN) countries in diverse areas, including trade and investment, technology, transportation and communication, energy, tourism and fisheries.