Image Credits-The Himalayan Times
Union Minister Piyush Goyal has called for renewed efforts in advancing Free Trade Agreement (FTA) negotiations within the BIMSTEC bloc, highlighting that six years have elapsed without significant progress. Goyal’s remarks underscore a growing concern among member countries about the stagnation of trade talks within the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
In a recent statement, Goyal emphasized the need for a collaborative approach to overcome the deadlock. “I have raised the issue that six years have passed and no further negotiations have been held. The business communities and governments of the six BIMSTEC countries will have to work together to find new pathways and alternative solutions that are more practical,” he said.
Goyal stressed the importance of building momentum towards a free trade agreement, noting that there is considerable enthusiasm within the BIMSTEC region about future prospects. “I do believe we have wonderful relations with all these six countries. The entire BIMSTEC region is buzzing with excitement about the future,” he added.
The Minister expressed confidence in the potential of BIMSTEC to become a vibrant trading bloc, fostering mutual prosperity among its member states. “India is ever willing to work together with our partners in BIMSTEC. I am very confident that these seven countries together will certainly create a very vibrant trading bloc supporting each other and each other’s prosperity,” Goyal asserted.
The BIMSTEC bloc, which includes Bangladesh, India, Myanmar, Sri Lanka, Thailand, Nepal, and Bhutan, has long sought to enhance economic integration and regional cooperation. However, the progress of FTA negotiations has been impeded by various challenges, necessitating renewed commitment and innovative approaches to drive the process forward.
As member countries look to reinvigorate the FTA discussions, Goyal’s call for action highlights the urgency of advancing regional trade agreements to harness the full potential of BIMSTEC’s economic cooperation.