BIMSTEC NATIONS: Prime Minister Narendra Modi urged for more cooperation among the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC nations) on March 30, 2022, saying that the time has come to transform the Bay of Bengal into a bridge of connection, prosperity, and security.
Mr. Modi remarked in his opening remarks at the fifth BIMSTEC Nations Summit that the outcomes of this historic gathering will write a golden chapter in BIMSTEC’s history.
He stated that India will offer USD 1 million in aid (one million equals ten lakhs) to supplement the BIMSTEC secretariat’s operational budget. Recent events in Europe have aroused concerns about the international order’s stability, according to Mr. Modi. In this environment, he continued, making BIMSTEC regional collaboration more active has become critical.
Mutually beneficial trade among BIMSTEC Nations
Mr. Modi stated that moving forward on the BIMSTEC FTA plan is critical in order to enhance mutual commerce among BIMSTEC nations.
With our region facing health and economic security issues, he underlined that unity and cooperation are critical. “Today is the time to make the Bay of Bengal a bridge of connectivity, prosperity, and security,” Prime Minister Narendra Modi stated. Sri Lanka, Bangladesh, Myanmar, Thailand, Nepal, and Bhutan are all members of the BIMSTEC, in addition to India.
The ‘BIMSTEC Charter,’ which will give the grouping a worldwide character and layout the core organizational infrastructure through which it will carry out its activity, will be adopted at the Summit. The BIMSTEC nations has emerged as a powerful engine of economic growth, with 21.7 percent of the world’s population and a combined GDP of USD 3.8 trillion.