PM Modi offers UPI link to BIMSTEC nations as booster shot for trade, tourism
Bangkok: Prime Minister Narendra Modi on Friday proposed linking India’s UPI with the payment systems of the BIMSTEC member nations in an initiative to strengthen trade, industry and tourism in the regional grouping.
Addressing the sixth summit of the 7-nation group, the Prime Minister also proposed to set up a BIMSTEC Chamber of Commerce and explore promoting trade in local currencies within the region.
Prime Minister Modi offered his condolences for the loss of lives in the devastating earthquake on March 28 in Myanmar and Thailand and proposed establishing a BIMSTEC Centre of Excellence for Disaster Management in India to collaborate on disaster preparedness, relief, and rehabilitation.
The BIMSTEC Summit adopted the Bangkok Vision 2030 to realise the shared commitment to prosperity, security, and inclusivity in the Bay of Bengal region.
PM Modi stressed the need to continuously expand the scope and capabilities of the BIMSTEC grouping, welcoming the institutionalisation of the Home Ministers Mechanism and offered to host the first meeting in India.
“This forum can play a vital role in the fight against 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,” the Prime Minister said.
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 setting up digital public infrastructure (DPI) with BIMSTEC countries and suggested conducting a pilot study to understand the specific needs of member nations in this regard.
Noting that trade and business connectivity were also crucial for progress, the Prime Minister proposed the establishment of a BIMSTEC Chamber of Commerce and to organise a BIMSTEC Business Summit every year. “I also suggest conducting a feasibility study on promoting trade in local currencies within the BIMSTEC region,” he said.
The Prime Minister also said that a free, open, secure, and safe Indian Ocean is our shared priority. “The Maritime Transport Agreement signed today will strengthen cooperation in merchant shipping and cargo transport and accelerate trade,” he pointed out.
PM Modi came out in favour of establishing a Sustainable Maritime Transport Centre in India. “This Centre will focus on capacity building, research, innovation, and coordination in maritime policies. It will also promote cooperation in maritime security,” he said.