PM Modi Proposes UPI Integration and New Initiatives at BIMSTEC Summit
Prime Minister Narendra Modi on Friday proposed a series of initiatives aimed at strengthening regional cooperation and boosting economic ties among BIMSTEC member countries. Speaking at the sixth BIMSTEC Summit in Thailand, the Prime Minister suggested linking India’s Unified Payments Interface (UPI) with the payment systems of other BIMSTEC nations, a move that would facilitate smoother trade, industry, and tourism in the region.
In addition to the UPI integration, PM Modi proposed the establishment of a BIMSTEC Chamber of Commerce to enhance business connectivity and suggested exploring the promotion of trade in local currencies among member nations. These proposals are aimed at creating a more robust regional economic framework and fostering sustainable growth within the Bay of Bengal region.
The Prime Minister also extended his condolences for the tragic loss of lives in the devastating earthquake that struck Myanmar and Thailand on March 28. In response to the disaster, PM Modi recommended the creation of a BIMSTEC Centre of Excellence for Disaster Management in India to enhance collaboration on disaster preparedness, relief, and rehabilitation across the region.
The BIMSTEC Summit saw the adoption of the Bangkok Vision 2030, which outlines a shared commitment to regional prosperity, security, and inclusivity. PM Modi emphasized the importance of expanding the scope and capabilities of the BIMSTEC grouping, highlighting the value of the recently institutionalized Home Ministers Mechanism. He offered to host the first meeting of the mechanism in India later this year, underscoring its potential role in combating cybercrime, terrorism, and trafficking.
“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,” said PM Modi during his address.
The Prime Minister also shared India’s experience in establishing digital public infrastructure (DPI) and suggested conducting a pilot study to understand the specific needs of BIMSTEC countries in this area. This initiative aims to enhance digital connectivity and inclusion within the region.
Additionally, PM Modi proposed the creation of a Sustainable Maritime Transport Centre in India, which would focus on capacity building, research, and maritime security coordination. He also emphasized the importance of a free, open, secure, and safe Indian Ocean, stressing that the recently signed Maritime Transport Agreement would accelerate trade by strengthening cooperation in merchant shipping and cargo transport.
The BIMSTEC Summit, hosted by Thailand, was attended by leaders from India, Bangladesh, Nepal, Myanmar, Sri Lanka, and Bhutan. The proposals put forth by PM Modi are expected to play a significant role in enhancing regional cooperation and fostering shared growth within the BIMSTEC region.
