India and Myanmar Agree To Boost Trade Through Rupee-Kyat Settlement Mechanism

New Delhi, Jun 2 (KNN) India and Myanmar have agreed to facilitate and enhance bilateral trade including through the Rupee-Kyat settlement mechanism.

A joint statement issued after bilateral talks between Myanmar's visiting president U Min Aung Hlaing and Prime Minister Narendra Modi said that both countries supported closer trade and investment cooperation in the areas of agro-processing, petroleum, energy and mining sectors among others.

In his interaction with the Myanmar president, PM Modi said that Myanmar lies at the confluence of India’s Neighbourhood First, Act East and MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) policies.

During talks held in New Delhi on June 1, the two leaders reviewed bilateral, regional and global issues and discussed measures to strengthen cooperation across sectors. 

A key focus of the discussions was connectivity. Both sides emphasised the importance of expediting the Kaladan Multi-Modal Transit Transport Project and the India-Myanmar-Thailand Trilateral Highway, stating that improved connectivity would support economic integration and regional prosperity.

On security cooperation, India reaffirmed its support for Myanmar’s sovereignty and territorial integrity. Both sides stressed the importance of preventing the use of their territories for activities detrimental to each other's security interests. 

Myanmar reiterated its commitment that its territory would not be used against India’s security interests, while India pledged continued cooperation in the security domain.

Prime Minister Modi also conveyed support for Myanmar-led efforts towards peace, stability, national reconciliation and socio-economic development and offered continued assistance for the country’s development.

During his ongoing visit, Myanmar president addressed the India-Myanmar Business Conclave organised by the Union of Myanmar Federation of Chambers of Commerce and Industry and the Confederation of Indian Industry, where business representatives discussed opportunities to strengthen bilateral trade and commercial cooperation. 

He also visited the NTPC Energy Technology Research Alliance facility in Greater Noida to review research in clean energy, energy efficiency and renewable energy integration.

The two sides agreed to maintain close engagement at all levels and reaffirmed their commitment to strengthening bilateral cooperation. 

(KNN Bureau)