PM Modi offers linking UPI with payment systems of BIMSTEC nations

Seeking to impart fresh impetus to the Bimstec grouping, Prime Minister Narendra Modi on Friday proposed linking India's UPI with the payment systems of the member nations, a move that could boost trade, business and tourism within the region.

Addressing the sixth Bimstec Summit here, the Prime Minister also proposed to set up a Bimstec Chamber of Commerce, organise annual business summits and explore promoting trade in local currencies within the region.

At the outset, the Prime Minister offered his condolences for the loss of lives and property in Myanmar and Thailand in the devastating earthquake on March 28.

Modi also proposed establishing a Bimstec Centre of Excellence for Disaster Management in India to collaborate on disaster preparedness, relief and rehabilitation.

The Bimstec Summit, hosted by Thailand, is attended by leaders from India, Bangladesh, Nepal, Myanmar, Sri Lanka and Bhutan.

The Bimstec Summit adopted the Bangkok Vision 2030 to realise the shared commitment to 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, the Prime Minister said.

The Prime Minister stressed the need to continually expand the scope and capabilities of the Bimstec grouping, welcomed the institutionalising of the Home Ministers Mechanism and offered to host the first meeting in India.

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 Prime Minister said he was happy to share India's experience in setting up digital public infrastructure (DPI) with Bimstec countries and suggested conducting a pilot study to understand the specific needs of member nations in this regard.

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, Modi said.

Noting that trade and business connectivity were also crucial for progress, the Prime Minister proposed the establishment of a Bimstec Chamber of Commerce and to organise a Bimstec Business Summit every year.

I also suggest conducting a feasibility study on promoting trade in local currencies within the Bimstec region, Modi said.

The Prime Minister said a free, open, secure, and safe Indian Ocean is our shared priority.

The Maritime Transport Agreement signed today will strengthen cooperation in merchant shipping and cargo transport and accelerate trade, he said.

Modi also 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.