Union Minister of Commerce and Industry Shri Piyush Goyal has urged BIMSTEC members to reconsider their objectives in trade discussions to conclude the delayed Free Trade Agreement.
Goyal stated that the reasons behind the delay in the BIMSTEC Free Trade Agreement need to be reassessed, and members should come up with cogent recommendations acceptable to all seven countries. He called for the Trade Negotiating Committee and the business community to consider a preferential trade agreement to foster intra-regional trade and investment, enhance regional competitiveness.
Goyal also called for deeper integration among BIMSTEC members to provide honest feedback and strengthen trade facilitation and cross-border movement of goods. He emphasized the need for reducing trade deficit, strengthening trade facilitation measures, digital public infrastructure, and better integration of custom borders with the aid of technology. He also highlighted the need for computerization of border controls and faster clearances of import-export online application processes for ease of doing business.
Goyal also emphasized the importance of strengthening supply chains, removal of tariff and non-tariff barriers, and trade facilitation measures by adopting international norms and seamless transport connectivity. He expressed hope for greater integration of startups and entrepreneurs from the seven member countries to provide assistance in investment, trade, and tourism.
Goyal also highlighted the thriving blue economy, which aims to enhance livelihoods and job creation while preserving marine and coastal ecosystems. He urged the BIMSTEC countries to collaborate with India’s business community to create new alternatives for a prosperous region.
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