India and Myanmar set the ball rolling for Rupee-Kyat trade

India-Myanmar Chamber of Commerce and Embassy Collaborate to Introduce Rupee-Kyat Trade Settlement Mechanism

PRAVASISAMWAD.COM

The Indian Embassy, in collaboration with the India-Myanmar Chamber of Commerce (IMCC), orchestrated a program on the Rupee-Kyat Trade Settlement Mechanism. Held on February 9, 2024, at the India Centre in Yangon, the event saw the convergence of esteemed guests, including Governor Daw Than Than Swe of the Central Bank of Myanmar (CBM), alongside senior officials from the Ministry of Commerce and Ministry of Planning & Finance, as well as representatives from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).

A comprehensive understanding of the technical and operational intricacies of the mechanism was provided by representatives from Punjab National Bank, CB Bank, and UAB, facilitating a deeper comprehension for attendees.

This collaborative effort signifies a significant step forward in fostering stronger economic ties between India and Myanmar, poised to streamline trade processes and enhance bilateral relations.

Ambassador Shri Vinay Kumar encouraged the business community to embrace direct invoicing through the mechanism, emphasizing its potential to mitigate transaction costs and circumvent complexities associated with foreign currencies and jurisdictions.

Governor Daw Than Than Swe, in her keynote address, underscored the applicability of the new mechanism across both sea and border trade, encompassing transactions involving goods and services alike.

The event drew an audience of over two hundred participants, comprising businesspersons, representatives from various business associations, commercial banks, shipping lines, and other stakeholders. This collaborative effort signifies a significant step forward in fostering stronger economic ties between India and Myanmar, poised to streamline trade processes and enhance bilateral relations.

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