Mr. Piyush Goyal, Union Minister of Commerce and Industry, emphasized the need for BIMSTEC countries to reassess their trade goals to finalize the long-delayed Free Trade Agreement. At the BIMSTEC Business Summit, he stressed addressing the causes of the delay and implementing solutions acceptable to all seven member nations. He recommended starting with a preferential trade agreement to stimulate intra-regional trade and investment, followed by further integration to increase trade volumes, reduce the trade deficit, and improve cross-border trade facilitation through technology
 

He also highlighted the importance of strengthening supply chains, removing trade barriers, and adopting international standards for seamless transportation. He advocated for greater collaboration between startups and technology to enhance food security, healthcare, and human resource development. He noted the benefits of the Blue Economy, emphasizing ocean products' potential for livelihoods and job creation while protecting marine ecosystems. Quoting Rabindranath Tagore, he urged BIMSTEC countries to work with India's business community to foster regional growth.
 

Source: IBEF

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