Minister Piyush Goyal Addresses BIMSTEC Summit Amid Bangladesh Unrest

Commerce and Industry Minister Piyush Goyal voiced concerns over the political turmoil in Bangladesh at the BIMSTEC Business Summit in Delhi. He discussed the potential of a Free Trade Agreement among BIMSTEC countries and expressed optimism about India achieving its export target for FY25.

Amid ongoing political unrest in Bangladesh, Commerce and Industry Minister Piyush Goyal described the situation as concerning and conveyed his hopes for a smooth transition. Addressing the BIMSTEC Business Summit organized by the Confederation of Indian Industries (CII) in Delhi, Goyal said, 'We are all deeply concerned about the evolving situation in Bangladesh, and we wish the people of Bangladesh our best wishes for a smooth transition and a bright future.'

During the Special Plenary Session of BIMSTEC, Goyal emphasized the need to reassess priorities and explore the possibility of a Free Trade Agreement (FTA) among BIMSTEC countries. Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are the member countries. Representatives from Bangladesh were absent due to the unrest. A recommendation paper from CII highlighted the benefits of finalizing an FTA, including faster implementation, investment promotion, job creation, technology partnerships, and services improvement.

Goyal noted, 'There is a strong desire among all member countries to pursue greater trade and engagement, potentially through an FTA. Despite 22 rounds of negotiations over six years, we have not yet agreed on an FTA within BIMSTEC. It's time to reassess the obstacles, whether non-tariff or trade barriers, and start with achievable goals.' He further stressed regional integration and suggested considering payments in local currencies to balance trade.

Regarding export numbers for July, Goyal acknowledged ongoing geopolitical challenges, including the Red Sea crisis. However, he expressed confidence in India's economic resilience, stating that India would remain the fastest-growing economy globally. On achieving the export target, he said, 'We are hopeful that India will reach the overall export target of USD 800 billion in FY25.'

India's exports crossed the USD 200 billion mark in the first quarter of 2024-25 (April-June). The government's data shows a 5.4% rise in overall exports, with merchandise and services exports reaching USD 65.47 billion in June, compared to USD 62.12 billion the previous year.

The breakdown of exports reveals an increase in merchandise goods from USD 34.32 billion to USD 35.20 billion, and services from USD 27.79 billion to USD 30.27 billion. (ANI)

(With inputs from agencies.)