Union Minister of Commerce & Industry Shri Piyush Goyal has called on BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) member nations to reassess their trade priorities to overcome delays in finalizing the Free Trade Agreement (FTA). His comments came during the inaugural BIMSTEC Business Summit, hosted by the Confederation of Indian Industry (CII) in collaboration with the Ministry of External Affairs.
In his keynote address, Goyal highlighted the pressing need to address the reasons behind the protracted negotiations of the BIMSTEC FTA. “We need to come up with a set of cogent recommendations that are acceptable to all seven countries,” Goyal stated. He advocated for the initial adoption of a preferential trade agreement to foster intra-regional trade and investment, aiming to enhance the overall competitiveness of the region.
Goyal underscored that trade among BIMSTEC countries remains relatively low and stressed the need for more profound integration. “There’s a long way to go before we can achieve the full potential of trade among BIMSTEC members,” he said. He urged the Trade Negotiating Committee and business communities to provide honest feedback to help strengthen trade facilitation and improve the cross-border movement of goods.
The Minister called for a focus on reducing trade deficits and improving trade facilitation measures by adopting international norms. He emphasized the need for enhanced technological integration at customs borders, including computerization and faster clearance processes, to improve the Ease of Doing Business.
In his address, Goyal also stressed the importance of strengthening supply chains, removing both tariff and non-tariff barriers, and ensuring seamless transport connectivity to unlock the full potential of regional trade and investment. He expressed optimism about integrating startups and entrepreneurs from BIMSTEC countries into the regional economy, which could bolster investment, trade, and tourism.
On the Blue Economy, Goyal praised the BIMSTEC countries’ potential to leverage marine resources for economic growth while preserving marine and coastal ecosystems. He highlighted the opportunity to enhance regional agricultural and mineral value chains, contributing to the development of the region.
Expressing concern over recent developments in Bangladesh, Goyal extended his hopes for a smooth transition of governance and a prosperous future for the country. In closing, he invoked the words of poet Rabindranath Tagore: “If I can’t make it through one door, I will go through another or I will make a door,” encouraging BIMSTEC nations to collaborate closely with India’s business community to create new opportunities for regional prosperity.
BIMSTEC, which includes Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal, aims to enhance regional cooperation in various sectors, including trade, technology, and economic development.
