Myanmar and India are scouting ways to boost bilateral trade through their local currencies . Indian commerce and industry minister Piyush Goyal discussed this with Myanmar’s minister of investment and foreign economic relations Kan Zaw on the sidelines of the 12th East Asia Summit Economic Ministers’ Meeting in Vientiane, Laos.
Both discussed potential cooperation areas in trade and the ongoing ASEAN-India Trade in Goods Agreement (AITIGA) review negotiations.
The local currency trading mechanism is expected to reduce transaction costs by eliminating the need for dual currency conversion.
At the meeting, Goyal reiterated India’s commitment to strengthen the East Asia Summit Forum and acknowledged its role in promoting peace, stability and economic prosperity in the region, a release from Indian ministry of commerce and industry said.
While the global economy is expected to grow at 3.2 per cent in fiscal 2024-25, India’s growth rate is projected at 7-7.2 per cent, with India on the way to become the 3rd largest economy by 2027, he said.
He urged ASEAN countries to come forward for collaboration on issues of global south at the World Trade Organisation (WTO) and to strengthen multilateralism.
Goyal also met Inkyo Cheong, South Korean minister for trade, industry and energy and discussed bilateral trade relations, progress in negotiations for upgrading India-Korea Comprehensive Economic Partnership Agreement and promoting inclusive investments in India.