India Proposes UPI Link, Maritime & Trade Boost at BIMSTEC Summit 2024
Prime Minister Narendra Modi suggested connecting India's UPI with the payment systems of the member countries of BIMSTEC in an effort to boost trade, industry and tourism in the regional bloc. In his address at the sixth summit of the 7-member group, the Prime Minister also suggested establishing a BIMSTEC Chamber of Commerce and exploring ways to promote trade in local currencies in the region.
Prime Minister Modi condoled the loss of lives due to the March 28 disastrous earthquake in Myanmar and Thailand and suggested the establishment of a BIMSTEC Centre of Excellence for Disaster Management in India for joint efforts at disaster preparedness, relief, and rehabilitation.
The BIMSTEC Summit endorsed the Bangkok Vision 2030 to fulfill the collective aspiration of prosperity, security, and inclusivity in the Bay of Bengal region.
PM Modi emphasized the necessity to constantly enlarge the ambit and reach of the BIMSTEC grouping, welcoming the institutionalization of the Home Ministers Mechanism and volunteered to host the first meeting in India.
"This platform can be very useful in the battle against cybercrime, cyber security threats, terrorism, and drug and human trafficking. Accordingly, I am suggesting that its first meeting be held this year in India," he added.
"BIMSTEC is a bridge linking South Asia and Southeast Asia. It is turning out to be a good platform to usher in new opportunities of regional connectivity, cooperation, and prosperity," the Prime Minister added.
The BIMSTEC Summit, hosted by Thailand, has been graced by the leaders of India, Bangladesh, Nepal, Myanmar, Sri Lanka, and Bhutan.
PM Modi welcomed the opportunity to offer India's experience in establishing digital public infrastructure (DPI) to BIMSTEC nations and proposed a pilot study to clarify the particular needs of member countries in this area.
Observing that connectivity of trade and business was also important for development, the Prime Minister suggested setting up a BIMSTEC Chamber of Commerce and organizing a BIMSTEC Business Summit annually. "I also recommend carrying out a feasibility study on promoting trade in local currencies in the BIMSTEC region", he added.
The Prime Minister further stated that a free, open, secure, and safe Indian Ocean is our common priority. "The Maritime Transport Agreement signed today will enhance cooperation in merchant shipping and cargo transport and spur trade", he emphasized.
PM Modi spoke in support of the creation of a Sustainable Maritime Transport Centre in India. "This Centre will emphasize capacity building, research, innovation, and coordination in maritime policies. It will also enhance cooperation in maritime security", he added.
