New Delhi: Union Minister of Commerce & Industry Piyush Goyal urged BIMSTEC members to reassess their priorities concerning trade negotiations to expedite the finalization of the long-delayed Free Trade Agreement. Speaking at the inaugural edition of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Business Summit, organized by the Confederation of Indian Industry (CII) in collaboration with the Ministry of External Affairs, Shri Goyal emphasized the need for renewed focus and cooperation among member nations.
In his address, Goyal stressed the importance of understanding the underlying reasons for the delay in the BIMSTEC Free Trade Agreement. He encouraged the members to develop a set of coherent recommendations that would be acceptable to all seven countries. He also proposed considering a preferential trade agreement to foster intra-regional trade and investment, thereby enhancing regional competitiveness.
The Union Minister highlighted the current limited trade among BIMSTEC countries and the significant potential for growth. He called for deeper integration and honest feedback from member nations to strengthen trade facilitation and the cross-border movement of goods. Goyal emphasized reducing trade deficits, bolstering trade facilitation measures, and leveraging technology to integrate custom borders and expedite import-export processes, thereby improving Ease of Doing Business.
Focusing on supply chains, Goyal advocated for the removal of tariff and non-tariff barriers, the adoption of international norms, and seamless transport connectivity. He expressed optimism about integrating startups and entrepreneurs from the seven member countries to boost investment, trade, and tourism. Additionally, he encouraged fostering agricultural cooperation to ensure food security, healthcare, and human resource development.
Addressing the Blue Economy, the Union Minister highlighted the thriving demand for ocean products among member states, which can enhance livelihoods and job creation while preserving marine and coastal ecosystems. He noted that regional value chains could add value to agricultural and mineral produce, driving the region’s development.
Expressing concern over recent developments in Bangladesh, Goyal wished for a bright future and a smooth governance transition for the nation. He concluded his speech by quoting 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 alternatives for regional prosperity.
BIMSTEC, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, is a regional organization comprising Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal, focused on fostering technical and economic cooperation among South Asian and Southeast Asian countries.
