Commerce and Industry Minister Piyush Goyal has urged BIMSTEC member nations to reassess their trade priorities to speed up the completion of the long-pending Free Trade Agreement (FTA). Addressing the opening session of the BIMSTEC Business Summit, Goyal stressed the importance of resolving the delays and reaching an agreement that is acceptable to all seven member countries.
The inaugural BIMSTEC Business Summit, hosted by the Ministry of External Affairs in partnership with the Confederation of Indian Industries (CII), began on August 6. This summit is aimed at enhancing economic cooperation among the member countries: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal.
In his speech, Goyal pointed out the limited trade among BIMSTEC nations and emphasized the need to boost intra-regional trade and investment. He recommended considering a preferential trade agreement as an initial step to encourage regional commerce and improve competitiveness.
"We need to take a fresh look at why the BIMSTEC Free Trade Agreement has been delayed and develop actionable recommendations that all member nations can agree on", Goyal stated. He called for a thorough review to address the factors impeding progress.
The minister also advocated for deeper integration among the member countries, urging them to provide honest feedback to enhance trade facilitation and cross-border movement of goods. He highlighted the necessity of reducing trade deficits, improving trade facilitation measures, and advancing e-commerce and digital public infrastructure through technology.
Goyal emphasized the need for modernizing border controls, accelerating the import-export online application process, and improving the Ease of Doing Business. "To fully realize the potential of trade and investment within BIMSTEC, we must strengthen supply chains, eliminate tariff and non-tariff barriers, and align trade facilitation measures with international standards", he said.
He expressed optimism for increased involvement of startups and entrepreneurs from the seven member countries to boost investment, trade, and tourism. Additionally, he called for enhanced technological collaboration and agricultural partnerships to address issues such as food security, healthcare, and human resource development.
Goyal also noted the potential of the blue economy, emphasizing the need to create jobs and improve livelihoods while protecting marine and coastal ecosystems. He suggested that regional value chains could enhance the value of agricultural and mineral products, contributing to the region's development.
Regarding Bangladesh, Goyal expressed concern over the current situation and hoped for a smooth governance transition. Quoting poet Rabindranath Tagore, he encouraged BIMSTEC countries to collaborate with India's business community to explore new opportunities 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 belief in the potential for collaborative success.
The BIMSTEC Business Summit, which runs from August 6 to 8, provides a significant platform for advancing economic cooperation and fostering a more integrated and prosperous regional economy.