Commerce and Industry Minister Piyush Goyal has called for a reassessment of trade priorities among BIMSTEC nations to finalise the long-delayed Free Trade Agreement. Speaking at the inaugural BIMSTEC Business Summit, Goyal emphasised the need for member countries to address the reasons behind the delay and work towards a comprehensive agreement that reflects the interests of all seven nations.
Goyal highlighted that current trading relations among BIMSTEC members are minimal and that there is significant potential for growth. He urged the Trade Negotiating Committee and the business community to consider initiating a preferential trade agreement to boost intra-regional trade and investment.
The Minister stressed the importance of deeper integration among BIMSTEC countries to facilitate trade and enhance regional competitiveness. He suggested that members focus on reducing trade deficits, improving trade facilitation measures, and integrating customs borders through technology.
Additionally, Goyal called for the computerization of border controls and faster clearance processes for import-export applications to improve the Ease of Doing Business.
Strengthening supply chains, removing tariff and non-tariff barriers, and adopting international norms for trade facilitation are also crucial for unlocking the full potential of trade among BIMSTEC states, Goyal noted. He encouraged the integration of startups and entrepreneurs from member countries to bolster investment, trade, and tourism.
The Minister also pointed out the importance of technology and agricultural cooperation for achieving food security, healthcare, and human resource development in the region. He emphasised the need to support the blue economy and enhance livelihoods while preserving marine and coastal ecosystems.
In light of recent developments in Bangladesh, Goyal expressed concern and hoped for a smooth transition in governance. He concluded his remarks with a quote from poet Rabindranath Tagore, urging BIMSTEC nations to collaborate with India's business community to create new opportunities for regional prosperity.
The BIMSTEC Business Summit, hosted by the Ministry of External Affairs in association with the Confederation of Indian Industries (CII), runs from August 6 to 8. BIMSTEC, or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, includes Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal.
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