PM Modi proposes linking UPI with BIMSTEC payment systems to boost regional trade

Prime Minister Narendra Modi proposed connecting India's Unified Payment Interface (UPI) with the payment systems of BIMSTEC member countries on April 4, aiming to revitalize the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) grouping.

This move could boost trade, business, and tourism in the region. Speaking at the sixth BIMSTEC Summit, the PM also suggested the creation of a BIMSTEC Chamber of Commerce, the hosting of annual business summits, and the exploration of regional trade in local currencies.

The PM began by expressing his condolences for the loss of lives and property in Thailand and Myanmar due to the tragic earthquake on March 28.

To enhance disaster preparedness, relief, and rehabilitation, Modi proposed establishing a BIMSTEC Centre of Excellence for Disaster Management in India.

Leaders from India, Bangladesh, Nepal, Myanmar, Sri Lanka, and Bhutan are attending the BIMSTEC Summit, hosted by Thailand.

The Summit endorsed the Bangkok Vision 2030 to fulfill the region's shared commitment to prosperity, security, and inclusivity.

"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," the Prime Minister said.

He also praised the formalization of the Home Minister's Mechanism, emphasized the need to broaden BIMSTEC's reach and capabilities, and proposed holding the inaugural meeting in India.

“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,” Modi said.

The PM expressed pleasure in sharing India's expertise in establishing digital public infrastructure (DPI) and recommended conducting a pilot study to understand the unique requirements of member countries in this area.

“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,” Modi added.

The Prime Minister also suggested the creation of a BIMSTEC Chamber of Commerce and the annual BIMSTEC Business Summit, noting that trade and business ties are equally essential for development.

"I also suggest conducting a feasibility study on promoting trade in local currencies within the BIMSTEC region," Modi concluded.

The Prime Minister emphasized the collective priority of ensuring a free, open, secure, and safe Indian Ocean.

"The Maritime Transport Agreement signed today will enhance cooperation in merchant shipping and cargo transport and boost trade," he said.

Modi also proposed the establishment of a Sustainable Maritime Transport Centre in India, focusing on capacity building, research, innovation, and coordination in maritime policies while promoting cooperation in maritime security.