Union Minister of Commerce & Industry, Mr. Piyush Goyal, stressed the importance of BIMSTEC members reassessing their trade negotiation priorities to finalize the delayed Free Trade Agreement (FTA). At the inaugural Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Business Summit, organized by the Confederation of Indian Industry (CII) in partnership with the Ministry of External Affairs, he highlighted the need to address the reasons behind the delay and develop recommendations acceptable to all 7 member countries. He suggested starting with a preferential trade agreement to enhance intra-regional trade and investment. He called for deeper integration among BIMSTEC nations to address low trade levels and unlock growth potential. Key focus areas include reducing the trade deficit, improving trade facilitation, and leveraging technology for better cross-border movement of goods.
He also emphasized strengthening supply chains, removing tariff and non-tariff barriers, and adopting international norms for seamless transport connectivity. He expressed hope for greater integration of startups and entrepreneurs, promoting technology and agricultural cooperation to ensure food security, healthcare, and human resource development. On the Blue Economy, he noted the benefits of ocean products for livelihoods and job creation while preserving marine ecosystems. He concluded with a quote from poet Rabindranath Tagore: “If I can’t make it through one door, I will go through another, or I will make a door,” urging BIMSTEC countries to collaborate with India’s business community to create new opportunities for regional prosperity.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
