Bangkok: Narendra Modi on Friday proposed linking the Indian UPI with member states’ payment systems in an effort to promote new momentum to the BIMSTEC subgroup, a move that could boost trade, commerce and tourism within the region.
The Prime Minister here at the sixth BIMSTEC summit, and also recommended the establishment of the Bimstec Chamber of Commerce, organize the annual business summit and explore promoting trade in local currencies in the region.
First, the Prime Minister expressed his condolences to the death of lives and property in Myanmar and Thailand in a devastating earthquake on March 28.
Modi also suggested establishing a Bimstec Disaster Management Centre in India to cooperate with disasters, relief and rehabilitation.
The Bimstec summit, hosted by Thailand, was attended by leaders from India, Bangladesh, Nepal, Myanmar, Sri Lanka and Bhutan.
The Bimstec Summit adopts the 2030 Bangkok Vision to achieve a shared commitment to prosperity, security and inclusion in the Bay of Bengal.
“Bimstec is a bridge connecting South and Southeast Asia. It is becoming an effective platform for opening up new regional connectivity, cooperation and prosperity,” the Prime Minister said.
The Prime Minister stressed the need to continuously expand the scope and capacity of the BIMSTEC subsidiaries, welcomed the institutionalization of the Home Secretary’s mechanism, and proposed to hold the first meeting in India.
“This forum plays a crucial role in the fight against cybercrime, cybersecurity threats, terrorism and drug and human trafficking. In this regard, I recommend the first meeting in India this year,” he said.
The Prime Minister said he was pleased to share India’s experience in building Digital Public Infrastructure (DPI) with the Bimstec country and suggested a pilot study to understand the specific needs of member states in this regard.
“In addition, I suggest linking India’s Unified Payment Interface (UPI) with the payment system in the Bimstec region. This will benefit trade, industry and tourism at all levels,” Modi said.
The Prime Minister pointed out that trade and business connections are also crucial to progress, so he suggested establishing a Bimstec Chamber of Commerce and organizing a Bimstec Business Summit once a year.
“I also recommend a feasibility study to promote trade in local currencies within the Bimstec region,” Modi said.
The Prime Minister said that our common priority is free, open, safe and secure Indian Ocean.
“The maritime transport agreement signed today will strengthen cooperation in the transportation of goods and transportation of goods and accelerate trade,” he said.
Modi also suggested establishing a sustainable maritime transport center in India.
“The Centre will focus on capacity building, research, innovation and coordination of maritime policy. This will also promote cooperation in maritime security,” he said.
