First BIMSTEC Business Summit held in New Delhi concludes

New Delhi. The first BIMSTEC Business Summit organized by the Ministry of External Affairs in New Delhi concluded on Thursday. Organized in collaboration with the Confederation of Indian Industry (CII), this three-day summit was attended by representatives from all seven member countries along with more than 300 key stakeholders from the Bay of Bengal region.

In his address at the inaugural edition of the Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Business Summit, Union Commerce and Industry Minister Piyush Goyal said that BIMSTEC members should re-examine the priorities of member countries regarding trade negotiations, so that the delayed free trade agreement (FTA) can be finalized.

According to an official statement, Union Minister Goyal said that there is a need to re-evaluate the reasons behind the delay in the BIMSTEC Free Trade Agreement. Members need to make concrete recommendations that are acceptable to all seven countries. He called upon the Trade Negotiation Committee and the business community to consider a preferential trade agreement to promote intra-regional trade and investment and enhance regional competitiveness.

BIMSTEC is a group of countries in South Asia and South East Asia – India, Bangladesh, Sri Lanka, Bhutan and Nepal, Myanmar, Thailand. It aims to promote greater regional cooperation through stronger trade and investment ties among member countries.