BIMSTEC Summit: PM Modi proposes annual biz meets, trade in local currency

6th Leaders' Summit adopts maritime pact to boost shipping ties, joint economic roadmap

Prime Minister Narendra Modi on Friday called for a 21-point action plan that includes linking Unified Payment Interface (UPI) with the payment systems of BIMSTEC nations and setting up a BIMSTEC Chamber of Commerce to boost engagement among member nations.

 

As part of the action plan, Modi mooted a series of initiatives to bring the grouping closer such as holding the first meeting of the Home Ministers' Mechanism in India.

 

In the space economy, India aims to set up ground stations for manpower training for BIMSTEC countries, manufacturing and launching of Nano Satellites, and use of remote sensing data for regional development and planning.

 

 

India has also offered to establish a capacity building programme for cancer care in the region.

 

Addressing the sixth BIMSTEC Summit in Bangkok, the Prime Minister said this action plan aims to bring the grouping closer, including holding the first meeting of the Home Ministers’ Mechanism in India.

 

"It is imperative we strengthen it and deepen our engagement. In this context, I proposed a 21-point Action Plan covering different aspects of our cooperation," Modi posted on X.

 

Modi highlighted the newly functional BIMSTEC Energy Centre in Bengaluru, which will train youth in the energy sector. He also urged expedited work on electric grid interconnections across the region.

 

“Additionally, I propose linking UPI with the payment systems in the BIMSTEC region. This will benefit trade, industry, and tourism at all levels,” Modi said.

 

The latest summit has laid stress on ways to revive momentum in the grouping, which has not progressed much in economic cooperation or physical connectivity since 1997, when it was created. Case in point, the leaders adopted the Bangkok Vision 2030 document, which lays out the roadmap for the collective prosperity of the region.

 

Modi called for enhanced regional cooperation in disaster management, in line with dealing with natural calamities like the recent earthquake that jolted Myanmar and Thailand.

 

He announced the establishment of a BIMSTEC Centre of Excellence for Disaster Management in India, and confirmed that the country would host the fourth joint disaster management exercise later this year.

 

The Prime Minister also proposed a slew of initiatives in traditional medicine and research and training in agriculture.

 

He announced a programme for skilling the youth — BODHI (BIMSTEC for Organised Development of Human Resource Infrastructure), under which training and scholarships would be provided to up to 300 professionals, students, researchers and diplomats from member nations.

 

India will be hosting a BIMSTEC athletics meet this year, and the first BIMSTEC Games scheduled in 2027, when the group celebrates its 30th anniversary.

 

It would also host a BIMSTEC Traditional Music Festival. To bring the youth of the region closer, the Prime Minister announced a Young Leaders’ Summit, a hackathon, and a Young Professional Visitors Programme.

 

BIMSTEC comprises seven nations lying in the adjacent areas of the Bay of Bengal — India, Bangladesh, Bhutan, Nepal, Myanmar, Sri Lanka and Thailand.

 

These nations have signed the BIMSTEC Maritime Transport Agreement, which provides for national treatment and assistance to vessels, crew and cargo; mutual recognition of certificates and documents; joint shipping coordination committee; and a dispute settlement mechanism.