Bimstec a model for inclusive development, security: Modi

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.

- Rezaul H Laskar

NEW DELHI:

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.