Bangkok:
Demanding to provide fresh inspiration for the Bimstec group, Prime Minister Narendra Modi on Friday proposed to connect the UPI of India with the payment systems of member nations, a step that can promote trade, trade and tourism within the region.
Addressing the sixth Bimstec Summit here, the Prime Minister also proposed to establish a Bimstec Chamber of Commerce, organize the annual trade summit and to find out to promote trade in local currencies within the region.
Initially, the Prime Minister expressed his condolences to the loss of life and property in Myanmar and Thailand on March 28 in the devastating earthquake.
PM Modi proposed the establishment of a Bimstake Center of Excellence for Disaster Management in India to cooperate on disaster preparations, relief and rehabilitation. Leaders from India, Bangladesh, Nepal, Myanmar, Sri Lanka and Bhutan attended the Bimstec summit hosted by Thailand. The BIMSTEC Summit adopted Bangkok Vision 2030 to realize a common commitment to prosperity, security and inclusion in the Gulf of the Bengal region.
“Bimstec acts 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 emphasized the need to continuously expand the scope and abilities of the Bimstec group, welcomed the institutionalization of the mechanisms of home ministers and offered to host the first meeting in India.
He said, “This platform can play an important role in the fight against cyber crime, dangers of cyber security, terrorism and drugs and human trafficking. In this regard, I propose to host my first meeting in India this year,” he said.
The Prime Minister said that he was happy to share India’s experience in the establishment of Digital Public Infrastructure (DPI) with Bimstec countries and suggested a pilot study to understand the specific needs of the member nations in this regard.
PM Modi said, “In addition, I propose to connect India’s Integrated Payment Interface (UPI) with payment systems in the Bimstec sector. This will benefit trade, industry and tourism at all levels.”
Given that business and commercial connectivity were also important for progress, the Prime Minister proposed to establish a Bimstek Chamber of Commerce and organized a Bimstec Business Summit every year.
PM Modi said, “I also suggest that a feasibility study on promoting trade in local currencies within the Bimstec region.”
The Prime Minister said that an independent, open, safe and safe Indian Ocean is our shared priority. “Today signed maritime transport agreement will strengthen merchant shipping and cooperation in cargo transport and will accelerate business,” he said.
PM Modi also proposed the establishment of a permanent maritime transport center in India. “This center will focus on capacity building, research, innovation and coordination in marine policies. It will also promote cooperation in marine security,” he said.
(This story is not edited by NDTV employees and auto-generated from a syndicated feed.)
