Prime Minister Narendra Modi on Friday proposed linking India’s Unified Payments Interface (UPI) with the payment systems of BIMSTEC member nations to strengthen trade, industry, and tourism in the region.
Addressing the sixth summit of the seven-nation group, the prime minister also proposed establishing a BIMSTEC Chamber of Commerce and exploring the promotion of trade in local currencies within the region.
Additionally, the prime minister recommended establishing a BIMSTEC Centre of Excellence for Disaster Management in India to facilitate cooperation in disaster preparedness, relief, and rehabilitation.
The BIMSTEC Summit adopted the Bangkok Vision 2030, reaffirming the shared commitment to prosperity, security, and inclusivity in the Bay of Bengal region.
PM Modi stressed the need to continuously expand BIMSTEC’s scope and capabilities. Welcoming the institutionalization of the Home Ministers Mechanism, he offered to host its first meeting in India.
“This forum can play a vital role in combating cybercrime, cybersecurity threats, terrorism, as well as drug and human trafficking. In this regard, I propose to host its first meeting this year in India,” he said.
“BIMSTEC serves as a bridge connecting South Asia and Southeast Asia. It is emerging as an effective platform to open new avenues of regional connectivity, cooperation, and prosperity,” he added.
The BIMSTEC Summit, hosted by Thailand, is being attended by leaders from India, Bangladesh, Nepal, Myanmar, Sri Lanka, and Bhutan.
PM Modi said he was happy to share India’s experience in developing digital public infrastructure (DPI) with BIMSTEC nations and suggested conducting a pilot study to assess the specific needs of member countries in this regard.
Noting that trade and business connectivity are crucial for progress, he proposed the establishment of a BIMSTEC Chamber of Commerce and an annual BIMSTEC Business Summit. “I also suggest conducting a feasibility study on promoting trade in local currencies within the BIMSTEC region,” he said.
