NEW DELHI : India has urged Myanmar's administration to speed up the process of trade settlements through mutual currencies, a mechanism that was earlier agreed, an exporters' body official said on Monday. A delegation of Indian exporters met Myanmar's trade minister U.Aung Naign Oo, who is on a visit to
NEW DELHI : India has urged Myanmar's administration to speed up the process of trade settlements through mutual currencies, a mechanism that was earlier agreed, an exporters' body official said on Monday.
"Myanmar's minister has assured the new mechanism would soon be operational," P.K. Shah, former chairman of the Engineering Export Promotion Council, told Reuters after the meeting. The arrangement would help the export of pharmaceutical and manufacturing items from India as well as higher imports like pulses, timber and other products from Myanmar, exporters said.
Reserve Bank of India, the central bank, had earlier authorised the state-run Punjab National Bank to open a special rupee vostro account for foreign trade settlements with Myanmar.
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