PM Modi proposes linking UPI, BIMSTEC payment svcs, trade in local currency
This story was originally published at 11:35 IST on 4 April 2025
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NEW DELHI – Emphasising the need for trade and business connectivity for the overall progress of BIMSTEC – The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation - region, Prime Minister Narendra Modi on Friday proposed linking India's Unified Payment Interface, and payment systems in the BIMSTEC region to benefit trade, industry and tourism at all levels.
"To enhance cooperation and coordination among our businesses, I propose to set up a BIMSTEC Chamber of Commerce. Also, a BIMSTEC Business Summit will be held every year. I suggest that a feasibility study should also be conducted on the possibilities of trade in local currency in the BIMSTEC region," Modi said during his address at the sixth BIMSTEC Summit in Bangkok on Friday.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation is an international organisation of seven South Asian and Southeast Asian nations. The member states are Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand, which is the current chair. Of these nations, India already has UPI linkage with Bhutan, Nepal and Sri Lanka.
In his address, Modi also stressed the need for digital and energy connectivity for regional development.
"I am happy that the BIMSTEC Energy Centre in Bengaluru has started functioning. I suggest that our teams should work faster on electric grid interconnection. Digital Public Infrastructure, i.e. DPI, has brought about a revolution in public service delivery in India. We would be happy to share the experience of DPI with BIMSTEC countries. For this, a pilot study can be conducted to understand the needs of BIMSTEC countries," Modi said.
According to the Ministry of External Affairs, this is the first physical meeting of BIMSTEC leaders since the 4th BIMSTEC Summit in Kathmandu in 2018. The 5th BIMSTEC Summit was held in Colombo in March 2022 in virtual format. The theme for the 6th summit is 'BIMSTEC – Prosperous, Resilient and Open'. End
Reported by Kuldeep Singh
Edited by Avishek Dutta
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