New Delhi: Prime Minister Narendra Modi virtually addressed the BIMSTEC (Bay Of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) summit on Wednesday.
In his address to the member countries, he offered to provide $1 million to the BIMSTEC secretariat to increase their operational budget.
The PM also asked the General Secretariat to create a roadmap on how the plans will move ahead and goals will be achieved in the future.
PM Modi touched upon the going crisis in Ukraine emphasizing the need for corporation. He Said: “The recent development in Europe has raised questions about the stability of international order. In this context, it has become a greater priority to have regional cooperation.”
He also talked about the development of trade infrastructure between the regional countries. PM Modi suggested that BIMSTEC should adopt “international standards” in the sector of trade facilitation. This will lead to the development of economic interaction between the member countries.
While talking about the importance of connectivity, Prime Minister Modi said that “To establish a coastal shipping ecosystem in the Bay of Bengal, we need a legal framework as soon as possible.”
Prime Minister also suggested that an agreement could be made between the law enforcement agencies of member countries to provide training and development programs in different areas.