UPI Integration With BIMSTEC Countries' Payment Systems: PM Modi's Proposal

PM Modi's Invite for UPI Integration at BIMSTEC

During his Thai visit for the BIMSTEC Summit, Prime Minister Narendra Modi proposed interoperability of India's Unified Payments Interface (UPI) with other countries' payment systems that are members of BIMSTEC. He asserted that this will enhance the region's trade, commerce, and tourism. In addition, he urged creating a BIMSTEC Chamber of Commerce to facilitate economic cooperation.

Facilitating Regional Trade in Local Currencies

During the sixth BIMSTEC Summit, Modi suggested the inclusion of local currency trade between member countries. Further, he said India would look to set up a BIMSTEC Centre of Excellence on Disaster Management for enhancing regional collaboration for disaster relief and rehabilitation. The suggestion came in the backdrop of recent earthquake activity in Thailand and Myanmar. Though Thailand has had very slight effects, there were casualties as well as destruction of property in Myanmar.

Bangkok Vision 2030 and Regional Commitments

During the conference, Bangkok Vision 2030 was adopted officially. The vision document emphasizes the collective resolve of BIMSTEC countries to make the Bay of Bengal region prosperous and secure. The vision lays out common goals for regional development and economic integration.

Modi's Meeting with Bangladesh's Interim Chief Adviser

On the sidelines of the summit, Prime Minister Modi met with Bangladesh's interim Chief Adviser Muhammad Yunus in Bangkok. This was his first official meeting since Yunus became Chief Adviser in August. Modi is also to visit Sri Lanka after the summit for a three-day visit, strengthening regional ties.