NEW DELHI: Regional cooperation, specially among South and Southeast Asian countries, has become a priority as the Russia-Ukraine conflict has raised questions about stability of the international order, said Prime Minister Narendra Modi while virtually addressing the 5th Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation (BIMSTEC) Summit on Wednesday.
"The recent developments in Europe has raised questions about the stability of the international order. In this context, it has become a greater priority to have regional cooperation," PM Modi said.
BIMSTEC comprises India, Bangladesh, Bhutan, Myanmar, Nepal, Sri Lanka and Thailand that brings together 1.5 billion people, which comprises 21 per cent of the world population, and a combined GDP of over $ 2.5 trillion.
"As our region faces challenges of health and economic security, the need of the hour is unity and cooperation," he said. Noting that India would provide BIMSTEC with $1 million towards its operating budget," PM Modi said adding that $3 million
would be provided for reviving Bimstec centre for weather and climate. The PM also underlined the importance of agreeing on a free trade agreement (FTA) to increase mutual trade among BIMSTEC nations.
"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.
Meanwhile, Bhutan’s Prime Minister Lotay Tshering thanked PM Modi for sharing Covid-19 vaccines with them.
"I would like to thank PM Modi for sharing Covid vaccines with us, it provided the much-needed protection from Covid-19. More than 90 per cent of our citizens are vaccinated, protection of everyone is still our priority," the Bhutanese PM said.