PM Modi Proposes UPI Integration to Enhance Trade and Tourism at BIMSTEC Summit

At the sixth BIMSTEC Summit held on Friday, Prime Minister Narendra Modi suggested integrating India’s digital payment platform, UPI, with the payment systems of other BIMSTEC nations to enhance trade, business, and tourism across the region.

“Additionally, 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,” the Prime Minister said.

He also spoke about improving security cooperation through a new Home Minister’s Mechanism, which India is ready to host. (Image: x/@@narendramodi)

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) comprises India, Bangladesh, Nepal, Bhutan, Sri Lanka, Myanmar, and Thailand. The recent summit took place in Thailand and was attended by leaders from all member nations.

Prime Minister Modi also proposed fresh initiatives to boost trade and collaboration among BIMSTEC countries. These include establishing a BIMSTEC Chamber of Commerce, hosting an annual business summit, and encouraging trade using local currencies.

“I also suggest conducting a feasibility study on promoting trade in local currencies within the BIMSTEC region,” he said.

Prime Minister Extends Condolences on Myanmar Tragedy

The Prime Minister extended his condolences to Myanmar and Thailand for the devastation and loss resulting from the earthquake on March 28. Modi suggested the establishment of a new Centre of Excellence for Disaster Management in India to support BIMSTEC countries in collaborating during natural disasters.

He also highlighted efforts to strengthen security cooperation through a new Home Minister’s Mechanism, which India is prepared to host.

“This forum can play a vital role in the fight against cybercrime, cybersecurity threats, terrorism, and drug and human trafficking. In this regard, I propose to host its first meeting this year in India,” he said.

The leaders endorsed the Bangkok Vision 2030, aiming to create a peaceful, prosperous, and inclusive Bay of Bengal region. Prime Minister Modi highlighted India’s achievements in digital public infrastructure and extended support to fellow BIMSTEC nations in developing similar frameworks.

Enhancing Maritime Collaboration

Modi emphasized the significance of maintaining a safe and open Indian Ocean and expressed his appreciation for the Maritime Transport Agreement signed during the summit. “The Maritime Transport Agreement signed today will strengthen cooperation in merchant shipping and cargo transport and accelerate trade,” he said.

To advance this initiative, Modi proposed establishing a Sustainable Maritime Transport Centre in India. “This Centre will focus on capacity building, research, innovation, and coordination in maritime policies. It will also promote cooperation in maritime security,” he said.

The Prime Minister stated that BIMSTEC is emerging as a powerful platform for regional development. “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,” he said.

(This Article was originally published by Business Standard)