India Urges BIMSTEC Members to Reassess Trade Priorities to Finalize Free Trade Agreement

In his address, Shri Goyal stressed the need to address the reasons behind the FTA’s delay and urged members to develop mutually acceptable recommendations.

Union Minister of Commerce & Industry Shri Piyush Goyal has called on BIMSTEC members to re-evaluate their trade priorities to expedite the finalization of the delayed Free Trade Agreement (FTA). His remarks came during the inaugural Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Business Summit, organized by the Confederation of Indian Industry (CII) in collaboration with the Ministry of External Affairs, Government of India.

In his address, Shri Goyal stressed the need to address the reasons behind the FTA’s delay and urged members to develop mutually acceptable recommendations. He proposed that the Trade Negotiating Committee and the business community consider initiating a preferential trade agreement to enhance intra-regional trade and investment while improving regional competitiveness.

Shri Goyal highlighted the modest trade volume among BIMSTEC countries, emphasizing that there is significant potential yet to be realized. He encouraged deeper integration among member nations to provide constructive feedback and strengthen trade facilitation, including improving cross-border goods movement.

The Minister outlined several key areas for improvement, including reducing trade deficits, bolstering trade facilitation measures, and integrating customs procedures with technology. He also advocated for the computerization of border controls and faster online import-export clearance processes to enhance the Ease of Doing Business.

Shri Goyal called for removing tariff and non-tariff barriers, adopting international norms for trade facilitation, and improving transport connectivity to unlock the full potential of trade and investment. He expressed optimism about integrating startups and entrepreneurs from the seven member countries to boost investment, trade, and tourism. Additionally, he urged members to promote technology and agricultural cooperation to enhance food security, healthcare, and human resource development.

On the topic of the Blue Economy, Shri Goyal noted the significant potential for BIMSTEC countries to benefit from ocean products, which can drive job creation and preserve marine ecosystems. He also suggested that regional value chains could add value to agricultural and mineral products, further developing the region.

Addressing the situation in Bangladesh, Shri Goyal expressed concern and hoped for a smooth governance transition for the nation. He concluded his speech with a 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,” urging BIMSTEC countries to collaborate with India’s business community to create new opportunities for regional prosperity.

BIMSTEC, which stands for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, includes Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal.