Union Minister of Commerce & Industry, Shri Piyush Goyal, emphasized the need for BIMSTEC members to re-evaluate trade negotiation priorities to finalize the long-delayed Free Trade Agreement. Speaking at the inaugural BIMSTEC Business Summit organized by the Confederation of Indian Industry (CII) and the Ministry of External Affairs, he urged for a set of cogent recommendations acceptable to all seven member countries.
Addressing Trade Deficits and Enhancing Competitiveness
Shri Goyal highlighted the small volume of trade among BIMSTEC countries and called for a focus on reducing trade deficits. He stressed the importance of trade facilitation measures, e-commerce integration, and better custom border management through technology to improve Ease of Doing Business.
Strengthening Supply Chains and Seamless Connectivity
The Union Minister advocated for strengthening supply chains, removing tariff and non-tariff barriers, and adopting international trade norms. He emphasized the necessity of seamless transport connectivity to unleash the full potential of trade and investment among BIMSTEC nations.
Fostering Regional Integration and Blue Economy
Shri Goyal expressed hope for greater integration of startups and entrepreneurs in the region, fostering agricultural cooperation, and securing food security. He also highlighted the potential of the blue economy in enhancing livelihoods and job creation while preserving marine ecosystems.
Shri Goyal concluded his address by quoting Rabindranath Tagore, urging BIMSTEC countries to collaborate with India’s business community to create new avenues for regional prosperity.
