Union Minister of Commerce & Industry Piyush Goyal emphasized the urgency for BIMSTEC members to revisit and realign their priorities concerning trade negotiations to expedite the finalization of the long-delayed Free Trade Agreement (FTA). His remarks came during 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.
In his address, the Minister highlighted the critical need to reassess the causes behind the FTA's delay. He urged member nations to formulate a set of coherent recommendations that would be acceptable to all seven participating countries. Piyush Goyal suggested that, as an initial step, the Trade Negotiating Committee and the business community should consider a preferential trade agreement to stimulate intra-regional trade and investment, thereby enhancing regional competitiveness.
Piyush Goyal urged BIMSTEC members to reflect on their current trading relationships, noting that trade within the region is currently minimal and that significant progress is needed to reach its full potential. He advocated for deeper integration among member nations, calling for honest feedback to improve trade facilitation and the cross-border movement of goods. He proposed focusing on reducing trade deficits, strengthening trade facilitation measures, and leveraging technology to integrate customs operations more effectively.
Minister emphasized the importance of modernizing border controls through computerization, accelerating the clearance of import-export applications, and improving the Ease of Doing Business. He advocated for the removal of both tariff and non-tariff barriers and the adoption of international standards for trade facilitation to enhance transport connectivity, which is crucial for maximizing trade and investment cooperation among BIMSTEC member states.
Minister Goyal expressed optimism about the potential for greater integration of startups and entrepreneurs from the seven member countries, which could boost investment, trade, and tourism. He also urged member nations to promote technological advancements and agricultural cooperation to address food security, healthcare, and human resource development needs collectively.
Addressing the topic of the Blue Economy, Piyush Goyal highlighted the significant opportunities within the region's marine and coastal ecosystems. He stressed the potential for ocean products to enhance livelihoods and job creation while preserving these vital ecosystems. He also noted that regional value chains could significantly bolster agricultural and mineral production, contributing to the development of the region.
On the situation in Bangladesh, the Minister expressed deep concern and hoped for a peaceful transition of governance. He concluded his speech with an inspiring quote from poet Rabindranath Tagore: “If I can’t make it through one door, I will go through another or I will make a door.” Shri Goyal urged BIMSTEC countries to work collaboratively with India’s business community to explore new opportunities and create pathways for a prosperous future for the region.
BIMSTEC, comprising Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal, represents a strategic grouping in South Asia and Southeast Asia, aimed at fostering multi-sectoral technical and economic cooperation.
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