India and Myanmar Strengthen Ties with Enhanced Trade Mechanism

In a move to bolster economic collaboration, India and Myanmar have reached an agreement to facilitate and enhance bilateral trade through the Rupee-Kyat settlement mechanism. The announcement came during high-level talks between Indian Prime Minister Narendra Modi and Myanmar President U Min Aung Hlaing on Monday.

The discussions, held at Hyderabad House in New Delhi, were part of President Hlaing's first official overseas visit since assuming office in April. Both leaders underscored the necessity of advancing cooperation in sectors such as agro-processing, petroleum, energy, and mining, aligning with their national regulations and interests.

Prime Minister Modi highlighted Myanmar's strategic position at the intersection of India's Neighbourhood First, Act East, and MAHASAGAR policies, emphasizing enhanced connectivity's role in fostering regional prosperity. Both sides committed to accelerating the completion of the Kaladan Multi-Modal Transit Transport project and the India-Myanmar-Thailand trilateral highway.

(With inputs from agencies.)