PM Modi offers UPI link to BIMSTEC nations as booster shot for trade, tourism

IANS April 4, 2025 122 views

Prime Minister Narendra Modi has proposed an innovative digital connectivity strategy at the BIMSTEC Summit in Bangkok. His vision includes linking India's UPI payment system with member nations to enhance regional economic cooperation. The proposal aims to strengthen trade, tourism, and digital infrastructure across the Bay of Bengal region. Modi's multilayered approach also includes establishing a commerce chamber and sharing digital public infrastructure expertise.

"BIMSTEC serves as a bridge connecting South Asia and Southeast Asia" - PM Narendra Modi
Bangkok, April 4: Prime Minister Narendra Modi on Friday proposed linking India's UPI with the payment systems of the BIMSTEC member nations in an initiative to strengthen trade, industry and tourism in the regional grouping.

Key Points

1

Modi suggests UPI integration across BIMSTEC member nations

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Proposes BIMSTEC Chamber of Commerce for regional trade

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Offers to host first Home Ministers Mechanism meeting

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Advocates for digital public infrastructure sharing

Addressing the sixth summit of the 7-nation group, the Prime Minister also proposed to set up a BIMSTEC Chamber of Commerce and explore promoting trade in local currencies within the region.

Prime Minister Modi offered his condolences for the loss of lives in the devastating earthquake on March 28 in Myanmar and Thailand and proposed establishing a BIMSTEC Centre of Excellence for Disaster Management in India to collaborate on disaster preparedness, relief, and rehabilitation.

The BIMSTEC Summit adopted the Bangkok Vision 2030 to realise the shared commitment to prosperity, security, and inclusivity in the Bay of Bengal region.

PM Modi stressed the need to continuously expand the scope and capabilities of the BIMSTEC grouping, welcoming the institutionalisation of the Home Ministers Mechanism and offered to host the first meeting in India.

"This forum can play a vital role in the fight against cybercrime, cybersecurity threats, terrorism, as well as drug and human trafficking. In this regard, I propose to host its first meeting this year in India," he said.

“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.

The BIMSTEC Summit, hosted by Thailand, is being attended by leaders from India, Bangladesh, Nepal, Myanmar, Sri Lanka, and Bhutan.

PM Modi said he was happy to share India’s experience in setting up digital public infrastructure (DPI) with BIMSTEC countries and suggested conducting a pilot study to understand the specific needs of member nations in this regard.

Noting that trade and business connectivity were also crucial for progress, the Prime Minister proposed the establishment of a BIMSTEC Chamber of Commerce and to organise a BIMSTEC Business Summit every year. "I also suggest conducting a feasibility study on promoting trade in local currencies within the BIMSTEC region," he said.

The Prime Minister also said that a free, open, secure, and safe Indian Ocean is our shared priority. "The Maritime Transport Agreement signed today will strengthen cooperation in merchant shipping and cargo transport and accelerate trade," he pointed out.

PM Modi came out in favour of establishing 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.

Reader Comments

R
Rahul K.
This is such a forward-thinking initiative! UPI has been a game-changer in India, and extending it to BIMSTEC nations could really boost regional trade and tourism. The digital payment integration will make travel so much easier across these countries. 👍
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Priya M.
While I appreciate the vision, I wonder about the implementation challenges. Each country has different financial regulations and cybersecurity concerns. Hope there's proper planning before rolling this out to ensure it benefits all nations equally.
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Sanjay T.
The disaster management center proposal is much needed after recent events. Sharing India's expertise in this area could save countless lives in the region. Proud to see our PM taking leadership on humanitarian issues too!
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Ananya R.
Love the focus on local currencies! This could really reduce dependency on the dollar and make regional trade more efficient. The business summit idea is great too - more opportunities for small entrepreneurs across BIMSTEC nations 💫
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Vikram J.
The maritime transport agreement is a smart move. With increasing tensions in the Indian Ocean region, better cooperation on shipping and security is essential. Hope this leads to more stability and economic benefits for all involved.
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Neha P.
As someone who travels frequently in the region, I can't wait for the UPI integration! No more currency exchange hassles and better exchange rates would be amazing. When can we expect this to roll out? 🤔

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

Tags:
BIMSTEC Narendra Modi Digital Payments Regional Connectivity UPI Trade Thailand
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