Unity and cooperation need of the hour, says PM Modi at BIMSTEC summit
PM Modi underscored the value of agreeing on the FTA or free trade agreement to boost mutual trade among BIMSTEC nations.
Prime Minister Narendra Modi on Wednesday stated that regional cooperation, particularly in the south and south-east Asian countries, had become a priority due to the ongoing Russia-Ukraine war which 'raised issued about the stability of the international order.' The Prime Minister was addressing a virtual summit at BIMSTEC, chaired by Sri Lanka.
PM Modi addressed the seven-nation regional bloc officials, stating that recent events in Europe have aroused concerns about the international order's stability. In this situation, regional cooperation has taken on greater importance.
He added that the region faces health and economic challenges; the present need is unity and cooperation. India would also provide BIMSTEC with $1 million for its operating budget. It is essential to boost the capacity (of the regional alliance).
PM Modi also underscored the value of agreeing on the FTA or free trade agreement to boost mutual trade among BIMSTEC nations.
PM Modi added that it's time to create the Bay of Bengal, a bridge of connectivity, prosperity and security. He urges all BIMSTEC countries to dedicate themselves to working together to achieve the goals they set in 1997.
The BIMSTEC countries include India, Bangladesh, Bhutan, Nepal, Sri Lanka, Myanmar, and Thailand. The Prime Minister's words come as the international community continues to be concerned about the Ukraine problem.
The Russian invasion that began on February 24 triggered Europe's largest armed conflict since World War II, with thousands of people killed and over 10 million displaced.
The global economy has been influenced by the conflict in Ukraine, with several nations, including India, grappling with rising oil and food prices.
Nearly four million citizens have fled Ukraine after more than a month of the greatest attack on a European country since World War II. Putin ordered a special military operation to demilitarise and 'denazify' Ukraine, which led to Russia's invasion.