The business summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was organized by  the Confederation of Indian Industries (CII) and the Ministry of External Affairs on wednesday (7 August 2024), in New Delhi.

Highlights of the Summit

• Union Minister of Commerce & Industry, Mr. Piyush Goyal, stressed the importance of BIMSTEC members reassessing their trade negotiation priorities to finalize the delayed Free Trade Agreement (FTA).
• He suggested starting with a preferential trade agreement to enhance intra-regional trade and investment.
• He called for deeper integration among BIMSTEC nations to address low trade levels and unlock growth potential. Key focus areas include reducing the trade deficit, improving trade facilitation, and leveraging technology for better cross-border movement of goods.
• He also emphasized strengthening supply chains, removing tariff and non-tariff barriers, and adopting international norms for seamless transport connectivity.