Modi Proposes UPI Link, Local Currency Trade Bimstec Summit

Prime Minister Narendra Modi, addressing the sixth BIMSTEC Summit, proposed linking India’s Unified Payments Interface (UPI) with the digital payment systems of member nations to boost trade, industry, and tourism in the region. The summit, hosted by Thailand, saw participation from leaders of India, Bangladesh, Nepal, Myanmar, Sri Lanka, and Bhutan.

Proposals by PM Modi

During his address, PM Modi emphasized the need to strengthen economic and digital cooperation among BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) countries. He proposed several initiatives, including:

UPI Integration: Connecting India’s digital payment infrastructure with BIMSTEC countries to enhance cross-border transactions and economic integration.
BIMSTEC Chamber of Commerce: Establishing a business forum to facilitate trade and investment among member nations.
Trade in Local Currencies: Conducting a feasibility study on using local currencies for regional trade, reducing dependence on external currencies.
Annual Business Summit: Hosting an annual summit to encourage business collaborations and partnerships among BIMSTEC members.
Disaster Management Centre: Setting up a BIMSTEC Centre of Excellence for Disaster Management in India to strengthen preparedness, relief, and rehabilitation efforts.

Strengthening Security & Connectivity

PM Modi also highlighted the importance of cybersecurity and anti-terrorism measures in the region. Welcoming the institutionalization of the Home Ministers’ Mechanism, he offered to host its first meeting in India.

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

Emphasizing BIMSTEC’s growing role as a bridge between South Asia and Southeast Asia, PM Modi stressed the need for increased regional connectivity and cooperation. He reiterated India’s commitment to sharing its expertise in digital public infrastructure (DPI) and suggested a pilot study to assess the specific needs of member countries in this regard.

Bangkok Vision 2030 & BIMSTEC’s Future

The summit also adopted the Bangkok Vision 2030, which reaffirms a shared commitment to prosperity, security, and inclusivity in the Bay of Bengal region. PM Modi called for continuously expanding BIMSTEC’s scope and capabilities to enhance regional growth and stability.

By proposing stronger digital and trade cooperation, PM Modi reinforced India’s leadership in the region. His suggestions, particularly UPI integration and local currency trade, aim to make BIMSTEC a more effective platform for economic development.

The summit concluded with a commitment from all member nations to work together on these proposals, ensuring regional growth, security, and connectivity in the coming years.

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