We are all deeply concerned about the evolving situation in Bangladesh: Piyush Goyal

While addressing the BIMSTEC Business Summit organized by the Confederation of Indian Industries (CII) in Delhi, the Union Minister on Wednesday said, "We are all deeply concerned about the evolving situation in Bangladesh and we wish the people of Bangladesh our best wishes for a smooth transition and a bright future in the years to come," said Piyush Goyal, Commerce and Industry Minister."

Addressing the Special Plenary Session of BIMSTEC, Goyal urged the need to re-examine the priorities and reconsider the possibilities of a Free Trade Agreement (FTA) between BIMSTEC countries. Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand are the member countries of BIMSTEC. Representatives from Bangladesh did not attend the event due to the unrest in Bangladesh.

CII in its recommendation paper, released yesterday added 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.

Goyal said, "I see the burning desire amongst all the member countries to pursue greater trade, greater engagement among us, and possibly enter into a Free Trade Agreement (FTA). Almost every speaker (Minister) spoke about the FTA. After 22 rounds of negotiations, which started six years ago, we were unable to agree on an FTA within BIMSTEC. It is clearly time to reassess what is holding back our negotiations, whether it is non-tariff barriers or trade barriers. Maybe we can begin with something small. Let's examine the realistic possibility and move forward on a fast-track basis."

Goyal emphasised that regional integration needs to be strengthened. "We could look at payment in local currencies within this region and balance out the trade between different countries."

On the July export numbers, Goyal said that geopolitical issues, including the Red Sea crisis, are ongoing, presenting many challenges. However, he expressed confidence in India's strength, stating that despite these challenges, India will maintain its position as the fastest-growing economy globally.

Responding to a question on achieving the export target, Goyal said, "We are hopeful that India will achieve the overall export target of USD 800 billion in FY25."

As India's exports in the first quarter of 2024-25 (April-June) crossed the USD 200 billion mark, the government has expressed its optimism about reaching its full-year target of USD 800 billion.

India's overall exports, merchandise and services combined in the month of June were to the tune of USD 65.47 billion, a 5.4 rise on a yearly basis, commerce ministry data showed. Same month last year it was at USD 62.12 billion.

In break up, exports of merchandise goods rose from USD 34.32 billion to USD 35.20 billion, and exports of services rose from USD 27.79 to USD 30.27 billion.

(ANI)