PM Modi proposes UPI link to boost trade and tourism at BIMSTEC Summit

Prime Minister Narendra Modi, speaking at the sixth BIMSTEC Summit on Friday, proposed linking India’s digital payment system, UPI, with the payment systems of BIMSTEC countries to help trade, business, and tourism in 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.

 

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

 

 

PM Modi also suggested new steps to increase trade and cooperation among BIMSTEC nations. These include setting up a BIMSTEC Chamber of Commerce, organising a yearly business summit, and promoting trade in local currencies.

 

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

 

PM’s condolences on Myanmar tragedy 

 

The Prime Minister also offered his condolences to Myanmar and Thailand for the damage and loss caused by the earthquake on March 28. Modi proposed a new Centre of Excellence for Disaster Management in India to help BIMSTEC countries work together during natural disasters.

 

He also spoke about improving security cooperation through a new Home Minister’s Mechanism, which India is ready 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 adopted the Bangkok Vision 2030, which focuses on building a peaceful, prosperous, and inclusive Bay of Bengal region. PM Modi shared India’s success with digital public infrastructure and offered to help other BIMSTEC countries build similar systems.

 

Strengthening maritime cooperation

 

Modi also highlighted the importance of a safe and open Indian Ocean and welcomed the Maritime Transport Agreement signed at the summit. “The Maritime Transport Agreement signed today will strengthen cooperation in merchant shipping and cargo transport and accelerate trade,” he said.

 

To support this, Modi proposed 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 said BIMSTEC is becoming a strong platform for regional growth. “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.

 

[With inputs from PTI]