New Delhi: Prime Minister Narendra Modi has called for an expanded and invigorated role for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (Bimstec), positioning the grouping as a model for regional cooperation.
Speaking at the sixth Bimstec Summit in Bangkok, Modi unveiled a 21-point action plan aimed at strengthening regional cooperation. He proposed linking India’s Unified Payments Interface (UPI) with the payment systems of Bimstec countries to facilitate trade, business, and tourism. He also advocated for the establishment of a Bimstec Chamber of Commerce and the organisation of annual business summits to strengthen economic ties.
“It is a matter of great satisfaction that the Bimstec Charter came into force last year. I am confident that the Bangkok Vision 2030, which we are adopting today, will further our collective commitment to building a prosperous, secure, and inclusive Bay of Bengal region. To further strengthen Bimstec, we must continue to expand its scope and enhance its institutional capacities,” he said.
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Bimstec, established in 1997 through the Bangkok Declaration, brings together Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. Despite its nearly three-decade existence, the grouping has seen limited impact. India has increasingly turned its attention to Bimstec, particularly as the South Asian Association for Regional Cooperation (Saarc) has become largely redundant due to tensions with Pakistan.
Modi stressed the need for Bimstec to take a more ambitious approach to connectivity, trade, and digital transformation. He also called for expanding trade using local currencies.
Security cooperation was another focus of his address. Modi welcomed the institutionalisation of the Home Ministers’ Mechanism and offered to host its first meeting in India. He said the forum could play a crucial role in combating cybercrime, terrorism, and human trafficking.
Describing a free, open, and secure Indian Ocean as a shared priority, he welcomed the signing of the Bimstec Maritime Transport Agreement, which aims to enhance cooperation in merchant shipping and cargo transport. He also proposed establishing a Sustainable Maritime Transport Centre and Bimstec Centre of Excellence for Disaster Management in India. To mark Bimstec’s 30th anniversary, Modi announced that India would host the first Bimstec Games in 2027.
