Thursday, October 6th, 2022 02:52:56

India will provide financial assistance of 1 million dollars to increase operational budget of Secretariat: PM Modi at BIMSTEC Summit

Updated: March 30, 2022 12:40 pm

Prime Minister Narendra Modi today gave a clarion call of making Bay of Bengal the bridge of connectivity, prosperity, and security and stressed that regional cooperation has become a greater priority in the present scenario.

Attending BIMSTEC Summit virtually, the Prime Minister said recent developments in Europe have raised questions about the stability of the international order. He said it has become important to make BIMSTEC regional cooperation more active. He pointed out that the region has not remained untouched by today’s challenging global scenario.

Mr. Modi said BIMSTEC charter is being adopted to develop institution architecture for BIMSTEC group. This is the 25th year of the establishment of BIMSTEC. He said the outcome of this landmark summit will write a golden chapter in the history of BIMSTEC.

Prime Minister highlighted the importance of enhancing the capacity of the Secretariat for BIMSTEC to meet everyone’s expectations. He suggested that a roadmap should be made to achieve this goal. He said India will provide financial assistance of one million dollars to increase the operational budget of the Secretariat.

The Prime Minister said it is necessary to make early progress on the proposal of BIMSTEC Free Trade Agreement to enhance trade. He said exchanges between entrepreneurs and startups of BIMSTEC countries should be increased. He further stated that international norms should be adopted in the field of Trade Facilitation.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization. Established in 1997, it comprises seven member states- India  Bangladesh, Bhutan, Nepal, Sri Lanka, Myanmar, and Thailand lying in the littoral and adjacent areas of the Bay of Bengal.

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