Piyush Goyal Calls for Faster Negotiations of BIMSTEC Free Trade Agreement

GG News Bureau
New Delhi, 8th August. To expedite the long-pending Free Trade Agreement (FTA) among BIMSTEC nations, Union Minister of Commerce & Industry  Piyush Goyal called for a reassessment of priorities by member countries and business leaders.

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 partnership with the Ministry of External Affairs, Government of India, Goyal emphasized the need for renewed focus on finalizing the agreement.

Goyal highlighted the urgency to understand and address the reasons behind the delays in the BIMSTEC FTA, urging members to propose cogent recommendations acceptable to all seven countries. He advocated for the consideration of a preferential trade agreement to foster intra-regional trade, investment, and enhance regional competitiveness.

Addressing the need for deeper integration, Goyal noted that current trade among BIMSTEC countries remains minimal and stressed the importance of honest feedback to strengthen trade facilitation and cross-border movement of goods. He called for measures to reduce trade deficits, strengthen e-commerce partnerships, enhance digital public infrastructure, and better integrate customs borders through technological advancements.

The Minister underscored the necessity of computerizing border controls and speeding up import-export clearances to improve Ease of Doing Business. He also emphasized the removal of tariff and non-tariff barriers, adoption of international norms, and seamless transport connectivity to unlock the full potential of trade and investment cooperation among BIMSTEC member states.

Goyal expressed optimism for greater integration of startups and entrepreneurs across the seven member countries to boost investment, trade, and tourism. He encouraged the promotion of technology and agricultural cooperation to ensure food security, healthcare, and human resource development.

On the topic of Blue Economy, Shri Goyal highlighted the thriving ocean-based economies of the member states, noting their potential for enhancing livelihoods and job creation while preserving marine and coastal ecosystems. He also pointed out the benefits of developing regional value chains to boost agricultural and mineral production.

Expressing concern over the recent developments in Bangladesh, Goyal wished for a smooth and positive transition of governance in the nation.

Concluding his address, Goyal quoted 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 a prosperous region.

BIMSTEC, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, comprises South Asian and Southeast Asian countries including Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal.