Union Minister Piyush Goyal Urges Renewed Focus on BIMSTEC Free Trade Agreement Negotiations

  • Aug. 7, 2024, 10:34 p.m.

Union Minister of Commerce & Industry Shri Piyush Goyal has called for renewed efforts in the Free Trade Agreement (FTA) negotiations among BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) member countries. In his recent statement, Goyal highlighted the stagnation in talks over the past six years and emphasized the need for fresh approaches to advance the agreement.

Speaking on the current status of the FTA negotiations, Goyal remarked, “I have raised the issue that 6 years have passed and no further negotiations have been held. I think the business community of the six countries and governments will have to work together to find new pathways, new ways of engaging and alternative solutions, which are more practical, building up the momentum to go towards a free trade agreement.”

Goyal’s comments reflect a growing urgency to break the deadlock in FTA discussions, stressing that both the business sectors and governmental bodies need to collaborate closely. He acknowledged the strong relations India shares with the other BIMSTEC countries and expressed optimism about the future of the region’s economic integration.

“I do believe we have wonderful relations with all these six other countries, the whole BIMSTEC region is buzzing with excitement about the future,” Goyal added. He underscored India’s willingness to work cooperatively with its BIMSTEC partners to create a vibrant trading bloc that supports mutual prosperity.

The Minister’s statement underscores a renewed push towards finalizing the FTA, which aims to enhance trade and economic cooperation among BIMSTEC countries: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal. Goyal’s call to action highlights the need for innovative strategies and renewed momentum to achieve the goal of a comprehensive and beneficial trade agreement.

As the BIMSTEC countries continue to navigate their collective economic future, Goyal’s remarks reflect both a challenge and an opportunity for deepening regional trade relations and fostering economic growth across the bloc.

 

 

 

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

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