Regional cooperation has become a greater priority, says PM Modi at BIMSTEC summit
Prime Minister Narendra Modi on Wednesday said that ‘regional cooperation has become a greater priority’ as the ongoing Russia-Ukraine conflict has ‘raised questions about the stability of the international order’.
“The recent developments in Europe have raised questions about the stability of the international order. In this context, it has become a greater priority to have regional cooperation,” he was quoted as saying by news agency ANI.
PM Modi called for greater cooperation among BIMSTEC nations, 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 the results of this landmark summit will write a golden chapter in BIMSTEC’s history.
He said India will provide USD 1 million (one million is equal to ten lakhs) in aid to augment operational budget of the BIMSTEC secretariat.
PM Modi said that in order to increase mutual trade among BIMSTEC nations, it is important to move forward on the BIMSTEC FTA proposal.
“India will provide the (BIMSTEC) secretariat 1 million US dollars to increase its operational budget…It is important to strengthen the capacity of (BIMSTEC) secretariat…I suggest the Secretary-General create a roadmap for the same,” PM Modi said.
With our region facing challenges of health and economic security, need of the hour is unity and cooperation, he asserted.
“The time has come to make the Bay of Bengal the bridge of connectivity, prosperity and security. I call on all BIMSTEC nations to dedicate themselves to working with new enthusiasm to achieve the goals we achieved together in 1997,” PM Modi said.
Besides India, the BIMSTEC comprises Sri Lanka, Bangladesh, Myanmar, Thailand, Nepal and Bhutan.
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 USD 3.8 trillion, the BIMSTEC has emerged as an influential engine of economic growth.
