Russia-Ukraine conflict: PM Modi bats for greater regional cooperation via BIMSTEC
- BIMSTEC member states have been able to sustain an average 6.5% economic growth trajectory
- This sub-regional organisation came into being on June 6, 1997 through the Bangkok Declaration
- PM Modi said that the time has come to make the Bay of Bengal the bridge of connectivity, prosperity, and security
Amid the ongoing Russia-Ukraine conflict, Prime Minister Narendra Modi on Wednesday batted for greater regional cooperation. Virtually addressing the 5th BIMSTEC summit, PM Modi promised to provide 1 million US dollars to increase the operating budget of the BIMSTEC secretariat.
In his virtual address, PM Modi said, "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. Today we are adopting the BIMSTEC charter to develop institution architecture for our group."
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In his address, PM Modi said that 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," he added.
What is BIMSTEC?
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, also known as BIMSTEC, is a regional organisation comprising seven member states lying in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
This sub-regional organisation came into being on June 6, 1997 through the Bangkok Declaration.
In the last five years, BIMSTEC member states have been able to sustain an average 6.5% economic growth trajectory despite global financial meltdown, according to its website.
The regional group constitutes a bridge between South and South East Asia and represents a reinforcement of relations among these countries.