India and Myanmar Strengthen Trade Ties with Rupee-Kyat Settlement

India and Myanmar have announced plans to enhance their two-way trade, introducing a new rupee-kyat settlement mechanism, as confirmed in a joint statement on Monday.

Bilateral trade between the two countries had reached over $2 billion, as stated by Indian Foreign Secretary Vikram Misri earlier in the day.

This development coincides with the official visit of Myanmar's President Min Aung Hlaing to India, scheduled from May 30 to June 3.

(With inputs from agencies.)