Union Minister Piyush Goyal Urges Preferential Trade Agreements Over FTA For BIMSTEC Growth

Union Minister Piyush Goyal recommended that BIMSTEC countries consider starting with preferential trade agreements (PTA) instead of jumping directly to comprehensive Free Trade Agreements (FTA). Speaking at the BIMSTEC Business Summit, Goyal pointed out that FTA negotiations have been ongoing for 22 rounds without conclusion. He highlighted potential delays due to non-tariff barriers and urged business leaders to provide feedback on the benefits of an FTA. Goyal suggested that PTAs could be a practical first step to enhance trade among BIMSTEC members—Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. Goyal also mentioned the possibility of using local currencies to address trade imbalances and facilitate smoother transitions to FTAs. Additionally, he emphasized the need for cooperation in addressing climate change, improving startup and business relations, and boosting trade and tourism within the region. Despite global challenges, including the Red Sea crisis, Goyal remains confident in India’s economic resilience and urged BIMSTEC nations to explore new ways to fast-track trade discussions. Listen in