Bangkok, April 4 – Prime Minister Narendra Modi on Friday proposed integrating India’s Unified Payments Interface (UPI) with the payment systems of BIMSTEC member countries to enhance trade, business, and tourism across the region. Speaking at the sixth BIMSTEC Summit in Bangkok, Modi emphasized the need to reinvigorate the multilateral grouping and outlined a comprehensive roadmap for regional cooperation.
As per agency report, Modi suggested establishing a BIMSTEC Chamber of Commerce and organizing an annual business summit to bolster economic engagement. He also urged member nations to explore the feasibility of promoting trade in local currencies, a step that could potentially reduce dependency on global currencies and lower transaction costs.
The Prime Minister began his address by expressing condolences over the recent earthquake on March 28 that caused significant loss of life and property in Myanmar and Thailand. He proposed setting up a BIMSTEC Centre of Excellence for Disaster Management in India to support cooperation in disaster preparedness, relief, and rehabilitation efforts.
BIMSTEC, which stands for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, includes seven countries: India, Bangladesh, Bhutan, Nepal, Myanmar, Sri Lanka, and Thailand. The summit, hosted by Thailand, brought together leaders from all member nations.
During the summit, the leaders adopted the “Bangkok Vision 2030,” aiming to advance prosperity, security, and inclusiveness in the Bay of Bengal region. Modi reiterated BIMSTEC’s role as a vital bridge between South Asia and Southeast Asia, calling it an effective platform to expand regional connectivity, cooperation, and prosperity.
He welcomed the institutionalization of the BIMSTEC home ministers’ mechanism and proposed hosting its first meeting in India. Highlighting the challenges of cybercrime, cybersecurity threats, terrorism, and human and drug trafficking, he said the platform could play a key role in tackling these issues.
The Prime Minister also expressed India’s willingness to share its experience in building Digital Public Infrastructure (DPI) with BIMSTEC nations. He proposed conducting a pilot study to understand the unique needs of member states and tailor DPI solutions accordingly.
On the economic front, Modi stated that connecting UPI with the payment systems of BIMSTEC nations could significantly facilitate transactions across various sectors, providing a seamless and secure digital payment experience. He said this initiative would particularly benefit small businesses, tourism, and cross-border trade.
Referring to maritime cooperation, the Prime Minister emphasized the importance of a free, open, and secure Indian Ocean. He welcomed the signing of the maritime transport agreement, which he said would boost cargo movement and strengthen connectivity among the nations.
Modi also proposed establishing a Sustainable Maritime Connectivity Centre in India. This center would focus on capacity building, research, innovation, and policy coordination in maritime sectors while enhancing cooperation in maritime security.
The summit underlined BIMSTEC’s growing importance as a regional bloc with shared aspirations for economic integration, infrastructure development, and digital collaboration. India’s proactive proposals, particularly the UPI integration, signal a strategic push to deepen ties and unlock the region’s collective growth potential.
