BIMSTEC nations must work together and look at ways to support each other’s inclusive growth: Mr. Piyush Goyal

BIMSTEC countries in collaboration with startups and business communities must create new alternatives for a bright and prosperous BIMSTEC: Mr. Piyush Goyal

It is important that the BIMSTEC countries work together in collaboration to create ways for supporting each other’s inclusive growth and development, stated Mr Piyush Goyal, Hon’ble Minister of Commerce and Industry, Government of India, during the Special Ministerial Plenary session at the first ever BIMSTEC Business Summit, organized by the Confederation of Indian Industry (CII) in collaboration with the Ministry of External Affairs in New Delhi on August 7, 2024. Mr. Goyal stated further that greater collaboration with the start-ups, entrepreneurs and business communities among the regions have great potential in fostering the BIMSTEC partnership further.

Highlighting some potential areas of collaboration, the Minister added that the Blue Economy has tremendous potential, which in turn can boost job creation and economic growth in the region. Promoting regional value chains for strengthening agricultural and mineral produce is another area with significant opportunities, he added.

Concerted efforts for removing non-tariff barriers, adopting international norms on trade facilitation and measures to promote e-commerce and connectivity were among some critical measures suggested by the Minister to enhance greater trade and regional cooperation among the BIMSTEC member states. The Minister also suggested the creation of a BIMSTEC desk to handhold investments and trade, and supporting tourism in each of the seven nations.

Mr. Goyal added that there is a need for deeper engagement between the BIMSTEC nations and greater direction and support from the business community is required in making the BIMSTEC FTA a reality.

H E Mr Indra Mani Pandey, Secretary General, BIMSTEC Secretariat emphasized the need for creating a BIMSTEC Chamber of Commerce & Industry, which will provide a vital platform for engagement of industrial and trading communities of the BIMSTEC member states, enabling them to play their critical role in promoting trade and investments. He also highlighted the need for early conclusion of the negotiations of the BIMSTEC FTA and urged the BIMSTEC member states to give their due priority to conclude the FTA by June 2027, during which the BIMSTEC nations would celebrate their 30th anniversary.

H E Mr Damodar Bhandari, Hon’ble Minister of Industry, Commerce and Supplies, Government of Nepal stated that BIMSTEC members must continue to push for greater integration into regional value chains through measures such as trade facilitation and digital transformation, which will contribute to rapid growth, prosperity, and stability in the BIMSTEC region. He added that Nepal is committed towards greater collaboration with its BIMSTEC partners for achieving shared goals of sustainable growth, development and prosperity in the Bay of Bengal region.

H E Mr Suchart Chomklin, Deputy Minister of Commerce, Kingdom of Thailand, stated that despite the current global challenges, there are immense opportunities for the BIMSTEC region in terms of strengthening regional supply chains, trade expansion and attracting greater foreign investments. He added that there is huge potential in the services sector including in tourism, healthcare, logistics and information technology.

H E Mr Minn Minn, Deputy Minister, Ministry of Commerce, Government of Myanmar, while highlighting the potential outcomes of the early operationalization of the BIMSTEC FTA stated that a regional FTA will make BIMSTEC more attractive to foreign investors by providing a stable and favourable business climate and will enhance global competitiveness of local industries by removing barriers to trade. It will also enhance the collective bargaining power of the bloc in global trade negotiations and will have transformative impacts across the region including poverty reduction and environmental stability, he added.

H E Mrs Kshenuka Senewiratne, High Commissioner of Sri Lanka to India stated that the support of the private sector will be key for the early operationalization of the FTA. She highlighted that connectivity including transport and institutional connectivity will play a critical role in integrating BIMSTEC nations with global supply chains.

Mr Chhime Tshering, Director General, Department of Industry, Ministry of Industry, Commerce and Employment, Royal Government of Bhutan stated that the framework agreement on BIMSTEC free trade area can serve as a valuable legal framework offering expanded market access in the region. It would also invariably promote healthy competition, leading to improved economic efficiency and enhance production of premium goods and services, he added.

Mr Sanjiv Puri, President, CII stated that given the strong global trends of energy transition, digital transformation, and supply chain diversification, this is an opportune time for discussing the BIMSTEC FTA. To create a multiplier effect in the region, he highlighted the need for the early operationalization of BIMSTEC FTA and a more supportive and conducive investment climate.

Mr Chandrajit Banerjee, Director General, CII stated that engaging deeply with each of the BIMSTEC nations will be a top priority. He added that sector specific engagement will be taken up for sectors such as agriculture, infrastructure, construction, renewable energy, healthcare, tourism, and others that will be discussed during the BIMSTEC summit.

7August 2024

New Delhi