India aims to enhance regional cooperation through digital payments, local trade, and disaster management.
Prime Minister Narendra Modi, in a significant announcement at the 6th BIMSTEC Summit held in Thailand, proposed linking India’s Unified Payments Interface (UPI) with the payment systems of BIMSTEC member nations. The move aims to strengthen regional trade, industry, and tourism across the Bay of Bengal region.
“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,” said PM Modi during his address.
The BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) grouping comprises India, Bangladesh, Nepal, Sri Lanka, Bhutan, Myanmar, and Thailand.
Push for Regional Integration and Growth
To further deepen economic ties, PM Modi also proposed the establishment of a BIMSTEC Chamber of Commerce and organizing an annual BIMSTEC Business Summit. He emphasized the need to explore trade in local currencies, suggesting a feasibility study to evaluate its potential across member countries.
Disaster Management and Maritime Security
Extending solidarity to Myanmar and Thailand following the devastating earthquake on March 28, the Prime Minister offered his condolences and proposed the creation of a BIMSTEC Centre of Excellence for Disaster Management in India. This institution would work on preparedness, relief, and rehabilitation efforts in the region.
In addition, the leaders signed the Maritime Transport Agreement, which PM Modi said would “strengthen cooperation in merchant shipping and cargo transport and accelerate trade.”
He further proposed setting up a Sustainable Maritime Transport Centre in India to promote capacity building, research, innovation, and policy coordination in maritime sectors.
Adoption of Bangkok Vision 2030
The BIMSTEC Summit concluded with the adoption of the Bangkok Vision 2030, reinforcing the bloc’s commitment to shared prosperity, security, and inclusivity in the Bay of Bengal region.
“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,” PM Modi added.
With India’s leadership and digital innovation, the country aims to position itself at the center of an interconnected BIMSTEC region, driving forward inclusive growth and technological cooperation.
