Union Minister Piyush Goyal Urges BIMSTEC Members to Reassess Trade Priorities at Inaugural Business Summit

  • Aug. 7, 2024, 3:10 p.m.

Union Minister of Commerce & Industry Shri Piyush Goyal today emphasized the need for BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) member nations to reassess their trade priorities to expedite the finalization of the long-delayed Free Trade Agreement (FTA). His remarks were delivered at the inaugural BIMSTEC Business Summit, organized by the Confederation of Indian Industry (CII) in partnership with the Ministry of External Affairs, Government of India.

In his address, Shri Goyal called for a thorough evaluation of the reasons behind the FTA delay. He urged member nations to develop a set of practical recommendations that are acceptable to all seven countries involved. The Union Minister proposed starting with a preferential trade agreement to boost intra-regional trade and investment, thus enhancing regional competitiveness.

“There is a need to introspect on our current trading relations,” Goyal stated, noting that trade among BIMSTEC countries remains limited and that much work is needed to realize its full potential. He advocated for deeper integration among member states, encouraging honest feedback to strengthen trade facilitation and the cross-border movement of goods.

The Minister outlined several key areas for improvement, including reducing trade deficits, enhancing trade facilitation measures, and integrating customs borders with advanced technology. He emphasized the importance of computerizing border controls and expediting import-export clearance processes to improve the Ease of Doing Business.

Goyal highlighted the need to strengthen supply chains, eliminate tariff and non-tariff barriers, and adopt international norms to facilitate seamless transport connectivity. He expressed hope for greater involvement of startups and entrepreneurs across BIMSTEC countries to foster investment, trade, and tourism. Additionally, he urged member nations to embrace technology and enhance agricultural cooperation to ensure food security, healthcare, and human resource development.

On the topic of the Blue Economy, the Minister praised the potential of BIMSTEC countries to leverage ocean resources for livelihood and job creation while preserving marine and coastal ecosystems. He suggested that regional value chains could further enhance agricultural and mineral outputs, contributing to regional development.

Goyal also expressed concern over the current situation in Bangladesh, wishing for a smooth transition of governance and a bright future for the nation. Quoting poet Rabindranath Tagore, “If I can’t make it through one door, I will go through another or I will make a door,” the Minister urged BIMSTEC countries to collaborate with India’s business community to forge new paths for regional prosperity.

BIMSTEC, comprising Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal, aims to foster regional cooperation in multiple sectors including trade, technology, and economic development.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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