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<strong>Prime Minister Narendra Modi underlined the need for improved regional cooperation and security amid the geopolitical developments in Europe. &quot;Recent developments in Europe have raised question mark over stability of international order&hellip; With our region facing challenges of health and economic security, the need of the hour is unity and cooperation,&quot; Modi said while virtually addressing the fifth summit that is being held in Sri Lanka.</strong></p>
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Speaking at the BIMSTEC Summit. <a href="https://t.co/6ffhno70HR">https://t.co/6ffhno70HR</a></p>
&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1509027688333602818?ref_src=twsrc%5Etfw">March 30, 2022</a></blockquote>
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He said that &ldquo;better integration, better trade, better people to people contact, better connectivity&rdquo; must be the thrust among the seven member BIMSTEC block.</p>
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Noting that the region now faces unprecedented challenges related to health and economic security, Prime Minister, it is imperative to move forward on the BIMSTEC-Free Trade Agreement proposal.</p>
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The ongoing summit will adopt the &#39;BIMSTEC Charter&#39; which will give shape to the basic institutional framework.</p>
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<strong>Also read:</strong>&nbsp;&nbsp;<a href="https://www.indianarrative.com/world-news/bimstec-rises-to-meet-post-covid-challenge-with-new-roadmap-for-growth-148863.html">BIMSTEC rises to meet post-Covid challenge with new roadmap for growth</a></p>
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Modi also said the results of this landmark summit will write a golden chapter in the history of BIMSTEC. The Prime Minister said that India is ready to provide $1 million with the aim of augmenting the operational budget of the BIMSTEC secretariat.</p>
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Besides India, BIMSTEC or the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation comprises, Bangladesh, Bhutan, Nepal, Sri Lanka in South Asia and Myanmar and Thailand in Southeast Asia.</p>
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&quot;Today is the time to make Bay of Bengal bridge of connectivity, bridge of prosperity, bridge of security,&quot; Modi said.</p>
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&ldquo;The Covid pandemic has highlighted the need to expand regional cooperation, especially countries that share borders. It has given us a chance to revisit our regional strategy.. how effectively we fight back in the post pandemic phase will largely depend on our cooperation and even flexibility,&rdquo; Nazneen Ahmed, Country Economist at United Nations Development Programme (UNDP), Bangladesh told India Narrative.</p>
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The BIMSTEC region is home to about 1.5 billion people — 22 per cent of the world&rsquo;s population. While the regional bloc has been a slow starter– it started in 1997&mdash;it was somewhat gained momentum in 2018.</p>
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External affairs minister S Jaishankar is in Colombo to attend the summit in person.</p>
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The Russia-Ukraine conflict preceded by the Covid 19 pandemic that crippled global economy have brought the focus back on the importance of regional cooperation.</p>
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Thailand will later take over as BIMSTEC&#39;s chair nation.</p>
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