PM Modi Proposes UPI Integration for BIMSTEC Nations to Boost Trade and Tourism
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Synopsis
During a recent summit, PM Modi proposed the integration of India's UPI with BIMSTEC nations' payment systems to boost trade, tourism, and industry. He also emphasized disaster management and regional cooperation.
Key Takeaways
- Proposed linking India's UPI with BIMSTEC nations.
- Suggested creating a BIMSTEC Chamber of Commerce.
- Expressed condolences for earthquake victims in Myanmar and Thailand.
- Proposed a BIMSTEC Centre of Excellence for Disaster Management.
- Stressed the importance of a secure Indian Ocean.
Bangkok, April 4 (NationPress) Prime Minister Narendra Modi on Friday suggested connecting India's UPI with the payment systems of the BIMSTEC member countries, aiming to enhance trade, industry, and tourism within this regional alliance.
During the sixth summit of the seven-nation group, he also recommended establishing a BIMSTEC Chamber of Commerce and investigating the promotion of trade in local currencies among member nations.
PM Modi extended his condolences for the casualties caused by the catastrophic earthquake on March 28 in Myanmar and Thailand and proposed the creation of a BIMSTEC Centre of Excellence for Disaster Management in India to enhance collaboration in disaster preparedness, relief, and recovery.
The BIMSTEC Summit endorsed the Bangkok Vision 2030 to achieve a collective commitment towards prosperity, security, and inclusivity in the Bay of Bengal region.
Modi emphasized the importance of continuously expanding the capabilities of the BIMSTEC grouping and welcomed the institutionalization of the Home Ministers Mechanism, offering to host its inaugural meeting in India.
"This forum can significantly contribute to combating cybercrime, cybersecurity threats, terrorism, and issues related to drug and human trafficking. I propose to host its first meeting this year in India," he remarked.
“BIMSTEC acts as a bridge linking South Asia and Southeast Asia. It is increasingly becoming an effective platform for opening new pathways for regional connectivity, collaboration, and prosperity,” the Prime Minister stated.
The BIMSTEC Summit, organized by Thailand, is attended by leaders from India, Bangladesh, Nepal, Myanmar, Sri Lanka, and Bhutan.
PM Modi expressed his readiness to share India's expertise in developing digital public infrastructure (DPI) with BIMSTEC nations and suggested conducting a pilot study to assess the specific needs of member countries.
Recognizing the significance of trade and business connectivity for progress, he proposed the establishment of a BIMSTEC Chamber of Commerce and the organization of an annual BIMSTEC Business Summit. "I also recommend conducting a feasibility study on the promotion of trade in local currencies within the BIMSTEC region," he added.
The Prime Minister highlighted that a free, open, secure, and safe Indian Ocean is a shared priority. "The Maritime Transport Agreement signed today will enhance cooperation in merchant shipping and cargo transport, thereby accelerating trade," he pointed out.
PM Modi supported the establishment of a Sustainable Maritime Transport Centre in India. "This Centre will concentrate on capacity building, research, innovation, and coordination in maritime policies, while also promoting collaboration in maritime security," he said.
