India-Myanmar Trade in Rupee: CII Suggestion

New Delhi, Jun 1 (PTI) India and Myanmar should trade in rupee to reduce unnecessary transaction costs and eliminate delays caused by routing payments through third countries like Singapore, Vikramjit Singh Sahney, Co-Chair, International Council, CII, has said.

He advocated for a direct rupee-kyat trade settlement mechanism to bridge the current gap in bilateral commerce.


The direct currency settlement could help scale bilateral trade from the current level of approximately USD 2 billion to USD 5 billion within the coming years, Sahney said.

He said this while addressing an event on May 31 here.

"India is keen to increase imports of pulses from Myanmar, including pigeon peas and black gram, while Myanmar possesses significant reserves of critical minerals like dysprosium and terbium, essential for electric vehicles, wind turbines, and advanced electronics," he said.