Rajkumar Ranjan Singh, India's union minister of state for external affairs and education, on Thursday emphasized the need for West Bengal, Bangladesh, and the North East region to form a compact area along with South East Asia to enhance trade with other countries globally.
“West Bengal, Bangladesh and North Eastern states will act as a compact hub in boosting trade with South East Asia. It has been suggested by the Japanese government and other European countries. The Japanese government is building a deep-sea port in Bangladesh. That port will serve as a point which will boost trade in the region,” Rajiv Ranjan Singh said at the Bimstec conclave, reports the Economic Times.
Speaking at the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec) Business Conclave 2023 in Kolkata, organized by the Indian Chamber of Commerce, Rajkumar Ranjan Singh mentioned the formulation of a national policy on intra-Bimstec trade to boost global trade.
He further stated that the policy, currently in the conceptual stage, will be finalized with Bangladesh taking the lead on trade-related matters.
“Bimstec functions as a catalyst for regional economic integration, paving the way for deeper relationships, trade, and investment in the coming years. We can build a successful future for the Bimstec region and beyond if we work together,” the union minister added.
Deputy High Commissioner for Bangladesh in Kolkata Andalib Elias said: “Bangladesh has previously indicated an interest in joining the tri-national India-Myanmar-Thailand or INT Highway, which may play a significant role in the efficient flow of raw materials and goods throughout the area.”
Ambassador of Myanmar to India Moe Kyaw Aung said: “Bimstec is growing as a major economic force in both the Asian and global economies. The goals of Bimstec range from the promotion of economic and social prosperity based on equality to the improvement of reciprocal advantages in the economic, social, and technical realms.”
Director General, Indian Chamber of Commerce Rajeev Singh said: “I believe that free movement of people, goods, and tourists is critical. The idea to have at least one year of Bimstec Travel pass has been mooted to help the movement of people, tourists, and businessmen become easier.”