India will provide $1 million in aid to BIMSTEC secretariat, says PM Modi

Prime Minister Narendra Modi called for greater cooperation among BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) nations on Wednesday, asserting that it is time to make the Bay of Bengal “a bridge of connectivity, prosperity and security”.

In his opening remarks at the fifth BIMSTEC Summit, Modi said that the results of “this landmark summit will write a golden chapter in BIMSTEC’s history”.

Modi said that India will provide $1 million in aid to augment the operational budget of the BIMSTEC secretariat.

“Recent developments in Europe have raised a question mark over the stability of international order,” Modi said.

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“In this context, it has become important to make BIMSTEC regional cooperation more active,” Modi added.

Modi said that in order to increase mutual trade among BIMSTEC nations, it is important to move forward on the BIMSTEC FTA proposal.

“With our region facing challenges of health and economic security, the need of the hour is unity and cooperation,” Modi asserted.

Speaking at the BIMSTEC Summit. https://t.co/6ffhno70HR

— Narendra Modi (@narendramodi) March 30, 2022

“Today is the time to make Bay of Bengal bridge of connectivity, bridge of prosperity, bridge of security,” Modi said.

Besides India, the BIMSTEC comprises Sri Lanka, Bangladesh, Myanmar, Thailand, Nepal and Bhutan.

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The Summit will adopt the BIMSTEC Charter, which will give the grouping an international identity and lay out the basic institutional architecture through which it will carry out its work.

With 21.7 per cent of the world’s population and combined GDP of $3.8 trillion, the BIMSTEC has emerged as an influential engine of economic growth.

(With inputs from Agencies)