Bimstec is a model for inclusive development, collective security: PM Modi

NEW DELHI: Enhanced trade, transport, technology and security cooperation within the Bimstec framework will ensure the collective development of the seven members of the grouping and a prosperous and inclusive Bay of Bengal region, Prime Minister Narendra Modi said on Friday.

Addressing the Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation (Bimstec) Summit, Modi proposed connectivity between India’s Unified Payments Interface (UPI) and similar systems of the other member states as well as trade in local currencies in the region.

The summit, which brought together the leaders of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand, witnessed the signing of the Agreement on Maritime Transport Cooperation, which will reduce shipping costs and improve supply chain efficiency. The agreement also provides for national treatment and assistance to vessels, mutual recognition of certificates and documents, and a dispute settlement mechanism.

He urged the leaders to expand Bimstec’s agenda for the progress of the region and unveiled a 21-point action plan to add new vigour to the grouping, established in 1997.

“For us, Bimstec is not merely a regional organisation. It is a model for inclusive development and collective security. It stands as a testament to our shared commitments and the strength of our unity,” Modi said, speaking in Hindi.

“A free, open, secure, and safe Indian Ocean is our shared priority. The maritime transport agreement concluded today will strengthen cooperation in merchant shipping and cargo transport, giving a significant boost to trade across the region,” he said, adding that Bimstec members should continue strengthening solidarity, cooperation and mutual trust.

While offering to share India’s expertise in digital public infrastructure (DPI) for the delivery of public services, Modi said: “I would like to propose establishing connectivity between India’s UPI and the payment systems of Bimstec member states. Such integration will bring substantial benefits across trade, industry and tourism, enhancing economic activity at all levels.”

He said a pilot study can be done to understand the specific needs and priorities of Bimstec countries in the sphere of DPI. He also proposed a feasibility study on the potential for trade in local currencies to boost trade and business connectivity and the establishment of a Bimstec chamber of commerce to bolster collaboration among business communities.

In the field of security, Modi noted that the Bimstec home ministers’ mechanism is being institutionalised to play a key role in fighting cybercrime, cyber security threats, terror, drug trafficking and human trafficking. He proposed that India should host the first meeting of this mechanism later this year.

After stymying the activities of the South Asian Association for Regional Cooperation (Saarc) by pulling out of a summit that was to be hosted by Pakistan in 2016, India has built up Bimstec as an alternative platform for driving regional cooperation. The leaders of Bimstec states were invited to Modi’s second swearing-in ceremony in 2019 and he unveiled the wide-ranging action plan on Friday to further bolster the grouping.

Under this action plan, Modi proposed establishing the Bimstec centre of excellence for disaster management in India to cooperate in disaster relief and rehabilitation and highlighted the fourth joint exercise between disaster management authorities to be held this year. In field of space, he proposed the manufacture and launch of nano satellites, use of remote sensing data, and the setting up of ground stations for manpower training.

“For regional development, physical connectivity must go hand in hand with digital and energy connectivity,” Modi said. Following the operationalisation of the Bimstec Energy Centre in Bengaluru, he suggested enhanced efforts for electricity grid interconnection across the region.

At the summit, the seven nations agreed to increase natural disaster relief efforts following last week’s 7.7-magnitude earthquake that killed more than 3,000 people in Myanmar and Thailand. The leaders expressed their “condolences, solidarity, and commitment to supporting the affected countries” in a joint statement on the quake.

“India has always stood by its friends as a first responder in times of crisis. We consider it a privilege to have been able to deliver timely relief to the people of Myanmar. While natural disasters may be unavoidable, our preparedness and ability to respond swiftly must always remain unwavering,” Modi said.

The theme of the summit was “Bimstec: Prosperous, resilient and open”, reflecting the grouping’s efforts to ensure “shared growth in times of global uncertainties”, the external affairs ministry said. The summit adopted a leaders’ declaration and the Bimstec Bangkok Vision 2030, which lays out a road map for the region’s collective prosperity.