India Urges BIMSTEC Nations to Accelerate Free Trade Agreement Talks

By siliconindia  |  Wednesday, 07 August 2024, 02:58:22 PM IST

India Urges BIMSTEC Nations to Accelerate Free Trade Agreement Talks
Commerce and Industry Minister Piyush Goyal has called for a reevaluation of trade priorities among BIMSTEC member nations to expedite the long-delayed Free Trade Agreement (FTA). Speaking at the inaugural BIMSTEC Business Summit, Goyal emphasized the need to address the causes of the delay and push for a resolution that benefits all seven member countries.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Business Summit, which opened on August 6, marks a significant event hosted by the Ministry of External Affairs in collaboration with the Confederation of Indian Industries (CII). The summit aims to foster deeper economic cooperation among the member nations, which include Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal.
During his address, Goyal highlighted the small volume of trade among BIMSTEC countries and stressed the necessity of enhancing intra-regional trade and investment. He urged the Trade Negotiating Committee and the business community to consider initiating a preferential trade agreement to stimulate regional commerce and improve competitiveness.
"The time has come to reassess why the BIMSTEC Free Trade Agreement has faced delays and to develop a set of practical recommendations that all member nations can support," Goyal said. He called for introspection among the members to identify and address the obstacles hindering progress.
The minister underscored the importance of deeper integration among the member states, urging them to provide honest feedback to improve trade facilitation and cross-border movement of goods. He also emphasized the need for reducing trade deficits, enhancing trade facilitation measures, and improving e-commerce and digital public infrastructure through technology.
Goyal stressed the need for modernizing border controls, speeding up import-export online application processes, and improving the Ease of Doing Business. "Strengthening supply chains, removing tariff and non-tariff barriers, and adopting international norms for trade facilitation are essential to unlocking the full potential of trade and investment among BIMSTEC countries", he said.
The minister expressed hope for greater integration of startups and entrepreneurs from the seven member countries to boost investment, trade, and tourism. He also called for enhanced technology cooperation and agricultural collaboration to address food security, healthcare, and human resource development.
In addition, Goyal highlighted the potential of the blue economy, noting the demand for ocean products and the need to improve livelihoods and job creation while preserving marine and coastal ecosystems. He suggested that regional value chains could add value to agricultural and mineral products, contributing to the development of the region.
On a related note, Goyal expressed concern over the current situation in Bangladesh and wished for a smooth transition of governance for the nation. Quoting poet Rabindranath Tagore, he urged BIMSTEC countries to work together with India's business community to find new solutions for regional prosperity. "If I can't make it through one door, I will go through another or I will make a door", he said, reflecting his optimism for collaborative progress.
The BIMSTEC Business Summit, running from August 6 to 8, represents a crucial platform for discussing and advancing economic cooperation among South and Southeast Asian countries, with the aim of fostering a more integrated and prosperous regional economy.

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