Piyush Goyal Calls for Review of Free Trade Agreement Among BIMSTEC Nations
Union Commerce and Industry Minister Piyush Goyal emphasized the need to review the Free Trade Agreement (FTA) negotiations among BIMSTEC nations. Speaking in New Delhi, he noted that 22 rounds of negotiations have taken place, suggesting a need to reassess the process.
Goyal highlighted potential barriers like tariffs and non-tariff issues that might be affecting the negotiations. He urged member countries to make strong recommendations to move the process forward.
Amid political unrest in Bangladesh, the two-day BIMSTEC Business Summit in New Delhi discussed expanding areas of cooperation. The Confederation of Indian Industry (CII) recommended finalizing the FTA to boost investment, job creation, technology partnerships, and regional cooperation.
With a population of 1.7 billion, BIMSTEC countries have significant potential to contribute to the global economy. Their combined GDP is currently about US$ 4.5 trillion, and better economic integration could lead to faster growth rates.
Doubts Revealed
Piyush Goyal -: Piyush Goyal is an important person in the Indian government. He is the Union Commerce and Industry Minister, which means he helps make rules about trade and business in India.
Free Trade Agreement (FTA) -: A Free Trade Agreement (FTA) is a deal between countries to trade goods and services with fewer taxes and restrictions. This makes it easier and cheaper to buy and sell things between these countries.
BIMSTEC -: BIMSTEC stands for Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. It is a group of countries around the Bay of Bengal, including India, that work together on different projects like trade and technology.
22 rounds of negotiations -: This means that the countries involved have met 22 times to discuss and try to agree on the terms of the Free Trade Agreement. They haven’t finished yet, so they need to keep talking.
tariffs -: Tariffs are taxes that countries put on goods coming from other countries. These taxes can make imported goods more expensive.
non-tariff issues -: Non-tariff issues are other rules and regulations that can make it hard to trade between countries, like safety standards or paperwork requirements.
CII -: CII stands for Confederation of Indian Industry. It is a group that represents Indian businesses and helps them grow and succeed.
investment -: Investment means putting money into something, like a business, to help it grow and make more money in the future.
job creation -: Job creation means making new jobs for people. When businesses grow, they need more workers, which helps more people get jobs.
regional cooperation -: Regional cooperation means countries in the same area working together to solve problems and help each other grow and succeed.
