Prime Minister Narendra Modi, during the sixth BIMSTEC [The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation] Summit held in Thailand on Friday, made several important proposals to improve trade, connectivity, and cooperation among BIMSTEC countries. These countries include India, Bangladesh, Nepal, Myanmar, Sri Lanka, Bhutan, and Thailand.

To start his speech, the Prime Minister expressed condolences for the loss of lives and damage in Myanmar and Thailand due to the earthquake that occurred on March 28. He then presented new ideas to help all BIMSTEC countries grow together.

Proposal to link UPI with BIMSTEC countries

PM Modi proposed linking India's Unified Payments Interface (UPI) with the payment systems of other BIMSTEC member countries. He said this move would help trade, business, and tourism in the region.

"Additionally, I propose linking India's Unified Payment Interface (UPI) with the payment systems in the BIMSTEC region. This will benefit trade, industry, and tourism at all levels,” he said.

He also offered to share India’s experience in creating Digital Public Infrastructure (DPI) with other BIMSTEC nations. To make this more effective, he suggested a pilot study to understand the specific needs of each country.

“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 added.

Focus on business, security, and disaster management

To promote business, PM Modi proposed creating a BIMSTEC Chamber of Commerce and holding a BIMSTEC Business Summit every year. He also suggested studying the possibility of promoting trade using local currencies.

“I also suggest conducting a feasibility study on promoting trade in local currencies within the BIMSTEC region,” PM Modi said.

The Prime Minister also highlighted security issues such as cybercrime, terrorism, and human trafficking. He welcomed the decision to form a Home Ministers’ Mechanism and offered to host its first meeting in India this year.

“This forum can play a vital role in the fight against cybercrime, cybersecurity threats, terrorism, and drug and human trafficking. In this regard, I propose to host its first meeting this year in India,” he said.

He proposed the creation of a BIMSTEC Centre of Excellence for Disaster Management in India to support disaster relief and preparedness efforts.

The summit also saw the adoption of the Bangkok Vision 2030, which aims to bring prosperity, security, and inclusivity to the Bay of Bengal region.

PM Modi further stated the importance of the Indian Ocean and welcomed the Maritime Transport Agreement signed during the summit. He also proposed setting up a Sustainable Maritime Transport Centre in India to work on research, coordination, and maritime security.

“This Centre will focus on capacity building, research, innovation, and coordination in maritime policies. It will also promote cooperation in maritime security,” he said.

 

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