Piyush Goyal Calls for Urgent Re-evaluation of BIMSTEC Free Trade Agreement Amidst Ongoing Delays

New Delhi, Aug 8 (KNN) In a pivotal address at the inaugural Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Business Summit, Union Minister of Commerce & Industry Piyush Goyal emphasised the urgent need for member nations to reassess their trade priorities to overcome delays in finalising the BIMSTEC Free Trade Agreement (FTA).

Goyal underscored the importance of re-evaluating the reasons behind the FTA delay and urged member states to formulate a set of comprehensive recommendations that are acceptable to all seven BIMSTEC countries.

He proposed that the Trade Negotiating Committee and the business community consider initiating a preferential trade agreement as a preliminary step. This would stimulate intra-regional trade and investment, boosting the region's competitiveness.

Highlighting the current limited trade among BIMSTEC countries, Goyal called for deeper integration and honest feedback from member nations.

He stressed the need to enhance trade facilitation and cross-border movement of goods, focusing on reducing trade deficits and improving trade facilitation measures.

His recommendations included strengthening e-commerce partnerships, digital public infrastructure, and integrating customs operations with advanced technology.

The Minister emphasised the necessity of modernising border controls and expediting the import-export clearance process to improve the Ease of Doing Business.

He also advocated for bolstering supply chains, removing tariff and non-tariff barriers, and adopting international norms for seamless transport connectivity. These measures are crucial to unlocking the full potential of trade and investment cooperation within BIMSTEC.

Goyal expressed optimism about integrating startups and entrepreneurs from the seven member countries to enhance investment, trade, and tourism.

He also urged member nations to promote technological advancements and agricultural cooperation to ensure food security, healthcare, and human resource development.

Addressing the Blue Economy, the Minister highlighted the significant opportunities for regional value chains in agriculture and minerals, which could drive job creation and livelihood improvements while preserving marine and coastal ecosystems.

The summit, organised by the Confederation of Indian Industry (CII) in collaboration with the Ministry of External Affairs, Government of India, was held on Wednesday.

(KNN Bureau)