August 8, 2024
1 min read

Need to relook at BIMSTEC FTA talks, says Goyal

Goyal further added that there must be something holding the countries back…reports Asian Lite News

Invoking the need to make the free trade agreement or FTA a reality amongst the BIMSTEC nations, Union Commerce and Industry Minister, Piyush Goyal stressed the need to review the FTA negotiations on Wednesday in New Delhi.

“I heard somebody say, 22 rounds of negotiations have happened so far, that itself gives us a question mark, whether we need to pause and have a relook at the track we are going down on, ” the Union Minister said.

He further added that there must be something holding the countries back.

The FTA negotiations might be getting affected due to the tariff or non-tariff barriers that are coming in the way of normal trade, he mentioned.

The Union Minister also underlined the need to look at the effect of the other regional FTAs which might be affecting the free trade agreement negotiations of BIMSTEC.

He also said that the member countries should work towards making “cogent recommendations” to take the negotiations forward.

Amid political unrest in Bangladesh, the two-day BIMSTEC Business Summit held in New Delhi said that BIMSTEC must together add more areas of cooperation to its ambit.

CII in its recommendation said that BIMSTEC countries should finalise a Free Trade Agreement (FTA). The CII paper further added that the move will lead to quicker implementation and promote investment, job creation, technology partnerships, and services.

The member countries should also think about easing FDI restrictions, improving energy collaborations, developing agriculture technology transfer agreements, increasing regional cooperation in tourism, technology transfer facilities, and increasing transport connectivity between BIMSTEC states, the CII paper recommended.

With a total population of 1.7 billion, or 22 per cent of the world’s population, BIMSTEC countries have the potential to contribute to the global economy. The GDP of BIMSTEC countries is currently about US$ 4.5 trillion but the region can achieve faster future growth rates through better economic integration. (ANI)

ALSO READ: New Delhi hosts first BIMSTEC business summit

Previous Story

Himachal receives heavy rainfall as IMD issues alert for 10 states

Next Story

Indian President receives warm welcome in New Zealand

Latest from -Top News

Musk Goes Political

Billionaire tech mogul launches ‘America Party’ to challenge Washington’s status quo…reports Asian Lite News In a sensational twist to the Trump-Musk fallout saga, the Tesla CEO launched his own “America Party”. Musk

UAE Takes Part in 3rd BRICS Sherpa Meeting

For the UAE, BRICS provides a valuable platform for dialogue and policy coordination across regions….reports Asian Lite News Saeed Mubarak Al Hajeri, Assistant Minister for Economic and Trade Affairs and the UAE’s

7/7 London & 12/3 Bombay – Tale of Two Cities

The 7/7 bombings changed London forever. The Victorian-era Tube system still struggles with outages and emergencies. A minor fire or power failure still sends people scrambling in fear.  I saw the same

Khamenei Breaks Cover in Tehran

Iran’s Supreme Leader makes first public appearance since conflict with Israel, as mystery over his wartime absence continues. Iran’s Supreme Leader Ayatollah Ali Khamenei made his first public appearance on Saturday since
Go toTop

Don't Miss

IMF ups India’s 2023 growth projection

The forecast for 2024 remained unchanged at 6.4 per cent….reports

Biden Sends Condolences for Wayanad Landslides

Back-to-back landslides devastated Wayanad late on Tuesday night, leaving at