BIMSTEC: India continues to dominate the BIMSTEC conference, PM Modi proposes member countries to join UPI

New Delhi| India’s dominance continues among BIMSTEC countries. In the sixth BIMSTEC summit being held in Thailand, PM Narendra Modi proposed member countries to join UPI. He said that this can promote trade, trade and tourism in the area. Apart from this, the Prime Minister also proposed to establish BIMSTEC Chamber of Commerce, organize annual business summits and explore possibilities of promoting trade in local currencies in the region.

Opening the address, PM Modi first expressed condolences on the loss of life and property in the devastating earthquake that hit Myanmar and Thailand on 28 March. He also proposed setting up a BIMSTEC Center of Excellence in India for disaster management. So that cooperation can be done on disaster preparedness, relief and rehabilitation.

The Prime Minister said that BIMSTEC acts as a bridge connecting South Asia and South-East Asia. It is emerging as an effective platform to open new avenues of regional connectivity, cooperation and prosperity. PM Modi stressed the need to enhance the scope and capabilities of the BIMSTEC grouping. He appreciated the initiative of Home Ministers to institutionalize the system. Also proposed to organize the first meeting in India.

He said that this platform can play an important role in the fight against cyber crime, cyber security threats, terrorism and drug and human trafficking. I propose to hold its first meeting in India this year. The Prime Minister said he would be happy to share India’s experience in setting up Digital Public Infrastructure (DPI) with BIMSTEC countries.

PM Modi said that I propose to link India’s Integrated Payment Interface (UPI) with the payment systems of the BIMSTEC region. This will benefit trade, industry and tourism at all levels. PM Modi said that I also suggest conducting a feasibility study to promote trade in local currencies in the BIMSTEC region.

The Prime Minister said that a free, open, safe and secure Indian Ocean is our common priority. The maritime transport agreement signed today will strengthen cooperation in merchant shipping and freight transport. Also business will accelerate. PM Modi also proposed setting up a Sustainable Maritime Transport Center in India. He said, this center will focus on capacity building, research, innovation and coordination in maritime policies. It will also promote cooperation in maritime security.

Leaders of India, Bangladesh, Nepal, Myanmar, Sri Lanka and Bhutan are participating in the BIMSTEC summit being held in Thailand. The conference has adopted the Bangkok Vision 2030 to realize a shared commitment to prosperity, security and inclusiveness in the Bay of Bengal region.

India’s dominance in BIMSTEC
India continues to dominate BIMSTEC countries. This is because this group has been given a big shape by the policies and thinking of PM Modi. The BIMSTEC group depends on India’s leadership to advance its agenda. The India-led Prime Minister’s focus on Neighborhood First Policy, Act East Policy, Ocean Vision and Vision for the Indo-Pacific provides dynamism to the group. India has appointed Indra Mani Pandey, a diplomat with extensive experience in multilateral work, as Secretary General. India has given one million US dollars to the BIMSTEC Secretariat.

Apart from this, the agenda of BIMSTEC under the leadership of India has spread manifold. BIMSTEC work area is divided into seven parts. In this, each country leads a part – India leads the security sector. The other segments are on trade, investment and development (Bangladesh), environment and climate (Bhutan), agriculture and food security (Myanmar), people-to-people contacts (Nepal), space and technology and innovation (Sri Lanka), and connectivity (Thailand)